Replacement rate is highly field dependent. Certain fields (e.g. applied math, some physical sciences) have excellent career prospects for PhDs in industry, in which case the number of lifetime advisees for a given professor can greatly exceed 1 while remaining under the replacement rate for academia. Other fields have much worse prospects for PhDs outside of academia, in which case the replacement rate is much closer to 1. (Granted, there’s always a fudge factor to account for people who do PhDs just for fun.) I’m not sure where Turchin’s field (ecology/evolutionary biology) falls on this spectrum.
It’s important to point out the obvious: the replacement rate for academia is exactly 1 PhD student with faculty aspirations per lifetime of each professor. Anything >1 and academia must grow exponentially to accommodate every single PhD student who desires a faculty position. It is shocking how little this basic, obvious fact is discussed within our ivory towers.