That theory is fine. We live in reality. What do you propose to make that theory reality?? Pretend you are Trump, lay out your plan.
Repeal all laws(and corresponding regulations) at every level of Government that were passed after 1900.Go back to the Constitution before the 16th Amendment. the constitution actually works .
there are ROOMS full of pages of government laws and regulations all passed after 1900 . Trying to fix that is impossible . Start over .Reset.
Government regulations only increase costs and cripple businesses. Regularly every week or so governments at all 3 levels pile on more laws and regulations especially on healthcare. as a result of that an operations costs $80,000. it's not in spite of those room fulls of regulations but becauseo that crap that the costs are so high.
An android phone $9 has more computing power than the world did in 1970 . That's because less gov regulations in electronics.
Politicians and unelected government bureaucrats know only one say to "fix" things more laws and more government regulations. And that is problem as Reagan said.