No, because what he described actually works.
Clothing used to be hugely expensive:
https://www.bookandsword.com/2017/12/09/how-much-did-a-shirt...
> So the shirts of humble servants at Henry VIII’s court cost between 3 and 10 days’ income. That would be similar to someone who earns 10 dollars or Euros an hour spending 240 to 800 dollars or Euros on an item today. (Of course, in the 15th and 16th century, people spent much more of their incomes on food, fuel, and clothing than they do in Europe or European settler societies today, and much less on rent, transportation, and medical care … but it seems that most people could make or obtain one or two new shirts every year or so).
https://www.bookandsword.com/2021/05/08/how-much-did-a-tunic...
> In the Edict, the simplest linen tunic could be sold for up to 500 denarii, whereas a linen weaver was to be paid 20 or 40 denarii per day plus maintenance. Fine linen tunics could be sold for up to 7,000 denarii. Elsewhere in the Edict, workers without maintenance (food and possibly fuel and shelter) earn about twice as much as those with. So a linen weaver would need to work for (500 / 2×40 to 500 / 2×20) 6 to 12 days to earn the price of the simplest linen tunic. That is not so different from the 3 to 10 days’ income for a worker to buy a shirt at the court of Henry VIII of England, considering that the ancients did not have spinning wheels. The linen tunics in 301 CE were probably woven as one rectangular or cross-shaped piece and sewed up the sides and under the arms, whereas the English shirts were cut and sewed from long pieces of cloth, but that is another story.
These days, you can buy a shirt for a much smaller amount of money, so you have more money to spend on other things, and the economy can grow. This isn't a new concept; in fact, it's so old, we tend to forget how things were before it took hold with the birth of industrialization and automation.