What are the arguments for a hands-off approach versus a hands-on economic policy approach?

Discussion Question:
What are the arguments for a hands-off approach versus a hands-on economic policy approach? (Note:  I realize many of us think life would be great with no government, but would it?  Would you like to buy a house only for the government to be able to take it away from you for no reason?  On the other hand, would you like for the government to totally control us?  They would tell you what to do, when to do it, and how to do it!)