In this paper, the author claimed that the following identity is easy to see:
$$\frac{1}{n!} \sum_\pi \prod_{i=1}^n \left(\sum_{k=0}^\infty \mu_k^{i}\right)^{N_i} = \text{coefficient of $z^n$ in the Taylor expansion of $\prod_{k=0}^\infty (1-z \mu_k)^{-1}$}.$$
In the left hand side, the summation is over all the permutation $\pi$ in symmetric group $S_n$ and $N_i$ is the number of $i$-cycles in $\pi$. The right hand side is the coefficient of $z^n$ in $\prod_{k=0}^\infty \sum_{i=0}^\infty \mu_k^i z^i$ where $\mu_k \in (0,1)$.
For a simple example, consider $n = 2$. Then we have
$$LHS = \frac{\sum_{k=0}^\infty \mu_k^2}{2} + \frac{(\sum_{k=0}^\infty \mu_k)^2}{2} = \sum_{k=0}^\infty \mu_k^2 + \sum_{k<k'} \mu_k \mu_{k'} = RHS.$$
But for general $n$, I cannot directly see that this is true. Are there any good ways to view it?