Phelps's (1961) Golden Rule states an unambiguous relationship be- tween optimal capital intensity and fertility: a rise in fertility decreases the optimal capital intensity, because a higher fertility increases the in- vestment required to sustain a given capital to labour ratio (i.e., the cap-...

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 sustain a given capital to labour ratio (i.e., the capital...