No, the market can still expand, it's just that shareholders (as proxied for by boards and management) would today rather have the marginal dollar in pocket rat

No, the market can still expand, it's just that shareholders (as proxied for by boards and management) would today rather have the marginal dollar in pocket rather than invested in some growth opportunity. Companies have invested billions in growth opportunities in past decades and we're currently seeing how the returns from those investments play out, and that's where today's growth is coming from. There just aren't as many good places to put money to work in the market right now.