Hope you are not trolling, because your assertions about the 'other side' are egregiously wrong and pseudo-logical. 1) Toddler's do contribute to economy (fertility rate, up to a point is positively correlated with economic growth). Ageing populations are bad for the economy [1], 2) Well-being and good policies are correlated and causally linked to better productivity [2].
OP's suggestion actually does make economic sense, if and only if you import enough people. I don't think any country currently import enough resourceful people to make up for the high quality they themselves can produce.
But I definitely think you could make it work. Hypothetically, not humanely.
[1] e.g. http://blogs.wsj.com/chinarealtime/2014/09/02/baby-boom-or-e... [2] http://www.nytimes.com/2011/09/04/opinion/sunday/do-happier-...