Of course, we must realize that there were different people with different political and economic ideas during the 1920s. There was no one ideology that was shared by all people. That said, historians generally see the 1920s as a time when government took a “hands off” attitude towards the economy and, to some degree, towards politics in general.
The two decades at the start of the 20th century are called the “Progressive Era.” During this time, the US government was very involved in reform. It was working fairly hard to regulate business and, to some degree, to regulate society as well. This was a time when more and more laws were passed to prevent things like monopolies and the abuse of workers by employers. It was also the time in which Prohibition was passed, thus regulating personal life.
After WWI, people are said to have wanted a “return to normalcy.” This meant that they wanted government to stop being so active. They were tired of all the reforms. They just wanted the government to leave them and the economy alone. This is seen as the major political/economic philosophy of this decade.