Jane Kelsey was making essentially the same point a decade ago in her 2015 book The FIRE Economy;
https://www.bwb.co.nz/books/the-fire-economy
FIRE here stands for Finance, Insurance and Real Estate. Kelsey argued that the vast majority of economic activity in post-Rogernomics Aotearoa consists of financing purchases people can't really afford, insuring the assets of those lucky enough to have any, and playing a game of Monopoly with the housing stock, and commercial property.
"Auckland University economist Robert MacCulloch has identified the country’s business leaders — particularly those at the helm of large, incumbent firms — as the real drag on New Zealand and the primary “source of our malaise”. His research presents a stunning picture of corporate failure that cannot be blamed on government policy or market headwinds."
#BryceEdwards, 2025
https://theintegrityinstitute.substack.com/p/integrity-briefing-are-business-leaders
