A macroscopic cable equation, which describes the passive linear ("electrotonic") response of a myelinated axon, was previously derived from a segmented cable equation using Keller's two-space homogenization method [Basser, PJ, Med. and Biol. Comput., 1993, Vol. 31, pp. S87-S92]. Here we use the space and length constants of this averaged cable equation to predict classical scaling laws that govern relationships among the inner and outer diameters of the axon's myelin sheath and the distance separating adjacent nodes of Ranvier. These laws are derived by maximizing the characteristic speed of an electrical disturbance along the axon, i.e., the ratio of the characteristic length and the characteristic time constants of the macroscopic cable, subject to the constraint that the nodal width is constant. Using this result, it is also possible to show that all myelinated axons are equally fault tolerant. No free parameters were used in this analysis; all variables and physical constants used in these calculations were taken from published experimental data.