Oh yes the other way around. At a previous employer, two of us took 3 full time months to review over 100 qualified candidates (i.e. that returned the task) to make 10 offers.
We made an offer to anybody who met our standards - whilst management initially restricted our headcount, they allowed us to expand the team as great people got in touch and the main restriction ended up being the maximum salary we were allowed to offer (which had us have to give up on half a dozen candidates). (We offered people the chance to show us their FOSS contributions to skip the task, but even those with big reputation couldn't resist tackling the problem.)
That's 3 full time months of not doing ANY work, no output, just full time recruiting, for two people who were probably in the top 10% of the company in terms of compensation.
It's not just expensive in time but also politically, as the team has no output to show for the period.
Where McDowell is correct is in the context of a large company whose hiring needs are very different. But I think that if you are building a small team where every member counts, you have no alternative.