Yes, but unless I misread your dictum, you identify the financial return to investors as wealth. It ain't. Goods and services are wealth. IOW, I focus on reality, not symbols.
Right now, businesses are busy reducing their production of wealth in order to "cut costs", i.e. to save money. They are not trying to find ways of using the same amount of resources to produce more or better goods and services, which is what "cutting costs" actually is. They are trying to maintain the financial return for their investors.
But the demand for wealth has not decreased. There are as many people as there ever were, in fact, there are about 17 million more people every day. Most of them need far more than they get, the rest of us want far more than we need. So why are businesses not increasing output? Because the accounting system we use to organise and track the creation of wealth is a very bad model of the real world. The main reason for that is that it's focused on "making money", not on creating wealth.
To get some idea of what I'm talking about, recall that through most of the existence of humankind on this planet there was no money. But people created the wealth they needed anyhow (food, shelter, clothing, raising the young, caring for the sick, art and entertainment, defending themselves, etc). If you can figure out how they did that without money, you can figure out why money-accounting is such a bad model of wealth creation.
What's really, really scary IMO is that people confuse money with wealth. That's like confusing a meter stick with distance. Imagine if you had to have a certain number of meter sticks before you could travel down the road to visit Aunt Mabel... What would happen if the supply of meter sticks "inflated" as the supply of money does? You'd need more meter sticks to measure the same distance... Supposing we traded meter sticks for yard sticks, as we trade dollars for euros. Then one day we'd need more meter sticks, and the next fewer, to get the same number of yard sticks... Crazy, isn't it? ;-)
Historical note: people first began to use symbols of wealth as accounting tools in the Fertile Crescent about 5-6,000 years ago. When they began to trade these symbols, they handled them as IOUs. Or so I understand from reading the archaeologists who've investigated these matters.
cheers,
Wolf K.