But saying that there are a limited number of jobs is exactly falling for that fallacy. There are as many jobs are there are people who want to work. There can be other problems, like not enough entrepreneurs, too many regulations, not enough capital per person to effectively compete globally, etc.

Old people being forced to retire or everyone being forced to work fewer hours would not help. That would result in massive load of productivity and value creation. The pie might get shared more equally, but it would be a much smaller pie.