The summary to the article reads:
"A booming financial sector means economic growth. Or does it? This column presents new evidence showing that when the financial sector grows more quickly, productivity tends to grow disproportionately slower in industries with either lower asset tangibility or in industries with higher research and development intensity. It turns out that financial booms are not, in general, growth-enhancing."
Extracting rents, modern finances primary role, results in lower less money available for investment reducing the technological progress important to increasing living standards, solving solution issues and long term sustainable growth.
As highlighted previously, instead of investing for growth managers support stock valuations with massive buyback schemes to benefit investors. Similarly, investors want a tangible asset they can resell with low risk associated with moon shot technologies a low priority despite the myths put out there by Silicon Valley. No surprise then that in the case of "industries with higher research and development intensity" the fruits of which termed over a longer time period see reduced investment despite their potential positive impact.