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Obviously there are three things: posts, quality and promotion.
I believe that a single good quality post every day will be far more beneficial for me rather than many posts everyday with content that does not add any value to my blog...
however, I am talking about a niche blog that I am managing independently....look forward to other inputs...
I know that for the company I work for, we hired a copywriter to produce link bait full time (inlcluding blog posts), and even writing a ridiculous number of articles and posts all day every day, it wasn't a great investment because what traffic there was wasn't converting. (I think the non-converting traffic had as much to do with the nature of our industry than the quality of her posts, BTW.)
On the other hand, if you have a couple of non-professional writers who are passionate about your industry, their passion and knowledge should allow them to write a really solid post every now and again that attracts real enthusiasts for your industry. And having them double as writers (even if they're not "pros") in addition to their other duties would seem to make business sense--they're doing something they enjoy/are passionate about, and you're getting link bait without paying for a full time copywriter.