Phelpsís (1961) Golden Rule states an unambiguous relationship between optimal capital intensity and fertility: a rise … in fertility decreases the optimal capital intensity, because a higher fertility increases the investment required to … having distinct fertility behaviors. We derive the optimal accumulation rule in that framework, and we show that, unlike what …

endogenous fertility that address the problem of fiscal redistribution between young and old cohorts in the presence of an aging …

Growth theory can go a long way toward accounting for phenomena linked with U.S. economic development. Some examples … are: (i) the secular decline in fertility between 1800 and 1980, (ii) the decline in agricultural employment and the rise …-force participation from 1900 to 1980, (v) the baby boom from 1936 to 1972. Growth theory models are presented to address all of these …