This paper provides a unified treatment of externalities associated with fertility and human capital accumulation as … part through education. In addition to the customary externality source associated with a change in average fertility rate … alone entails a higher fertility rate and a lower ratio of high- to low-ability children, as compared to using education …

This paper provides a unified theory of the economic and demographic transition. Individuals make optimal decisions … about fertility, education of their children and the type and intensity of the investments in their own education. These … formation, little longevity, high child mortality, large fertility and a sluggish income and productivity growth to a modern …