What impact does technological development have on economic growth and inequality? This question looms large as we grapple with increasingly sophisticated technologies that both drive innovation and threaten jobs across many industries. This paper seeks to contribute to our understanding of how technology, human capital, and fertility impact growth and inequality. We show that there is a trade-off between increases in school productivity for skilled workers and policies designed to boost fertility. How these changes affect growth and inequality at the balanced growth path will depend on the size of the congestion externality in the R&D sector. Simulations are included to better understand the model and provide a brief sketch of the US economy.