In theory, yes. I can tell you from experience that just pumping out a whole lot of content won't cut it. One of the projects I am involved in is a blog that is updated daily, it gets less traffic and makes less money than one of my content site that has 15-20 articles that were written to target specific keywords. It all boils down to what is more traffic? You can create 100 articles that will bring in 100 uniques a day, while a site with 20 well written, highly targetted pages can bring in 1,000 uniques a day.
yes id also look into keyword research. if your looking for traffic, and can target a certain high traffic keyword set, you can create great content at a higher quality with less quantity and pull off a nice little niche site. adsense people do this all the time, outside the fact that alot of their tactics are spammy but in general the best content in a highly searched keyword will reward you well.
I wondered the same thing about six months ago. I now make a point of adding at least 10 new pages to my site a month. Not all of them are articles. Some are polls, whatever. Some do well some do poor, but the end result I see about 3,000 new pages views minimum a month from them. That number has been actually increasing too as my site popularity increases. So after a year I have what at minimum? 100 new pages to my site generating 36,000 more pages views a month.