I think a reasonably simple example would be the relationship between private debt and the property market.
Increased productivity -> increased income -> increased discretionary income -> increased ability to service debt -> larger mortgages -> higher property prices -> less discretionary income (which could otherwise have been used to 'buy' free time).
It's true that some of this borrowing will lead to new wealth in the form of new houses and associated infrastructure, but I suspect that a large amount - if not most - of the borrowed money is spent on driving up the prices of existing assets, in which case the winners are the lenders who have successfully captured the increase in productivity.
Increased productivity -> increased income -> increased discretionary income -> increased ability to service debt -> larger mortgages -> higher property prices -> less discretionary income (which could otherwise have been used to 'buy' free time).
It's true that some of this borrowing will lead to new wealth in the form of new houses and associated infrastructure, but I suspect that a large amount - if not most - of the borrowed money is spent on driving up the prices of existing assets, in which case the winners are the lenders who have successfully captured the increase in productivity.