One thing he doesn't consider is the cost of keeping world order sufficient for world trade. The Brits shouldered much of that cost for most of our existence (until about the 1890s or 1900s).
Some books on the subject (including the Laffer curve):
The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen
Economics Curves: Lorenz Curve, Supply and Demand, Indifference Curve, Is|lm Model, Hubbert Curve, Phillips Curve, Yield Curve, Laffer Curve