He is, of course, not any kind of conservative, but a libertarian. That means that like the hard Left he is a Utopian seeking a "revolution of doctrine and of theoretic dogma" (Burke) and really doesn't care about the real-world consequences of his utopian fervor. He gets lumped on the Right because his Utopia doesn't include state-planned social justice, and the Left lumps together everyone who rejects their Utopia as "the Right." If conservatives were assigning the labels, Paul would be considered an unusual variety of Left-wing Utopian.
It's always been very amusing to me that Burke used the charge of "revolution of doctrine and of theoretic dogma" to mask the fact that conservatism is not based upon any set of consistent principles.