Libertarians, like those who identify with any other political party, are
not uniform in their beliefs. However, all libertarians do share one core
belief:  a government which governs best is a government that
governs the least.

Libertarians have a lot more faith in human beings than
either liberals or conservatives. They believe individuals are better at
making decisions about their own lives and taking responsibility for those
decisions than 535 members of congress, a president and his cabinet, nine men and women in black robes and tens of thousands of nameless, faceless federal bureaucrats. Alas, we libertarians are vastly out numbered by those who wish to use and abuse the power of the federal government to further their own
twisted agendas that have little to do with what America is supposed to be
all about: life, liberty and the pursuit of happiness.

Here is a nice analysis of Libertarians and the philosphy of freedom:

Article -click here