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"One of the advantages of being ruled by intellectual elites is that they actually know how to steal the maximum amount." You're right that Mao, Stalin etc. were a lot worse than our "intellectual elite" (masters of deception), but Laffer ignored regulation when doing his estimates of the tax levels that would maximize the government's take. The total cost to the economy of taxation AND regulation are much, much higher. My guess is that if property owners had the right to buy their security services on a free market with no barriers to trade or immigration, global output might go up 10 times or more higher than it is now. And unlike now, consumers, rather than the government, would get the productivity gains from new technology.
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