Shiller used the average real (inflation-adjusted) earnings over the past 10 years in his analysis.

FORBES: How To Put The Current Market Into Historical Context

But their analysis of the situation was only looking at risk-adjusted financial return.

FORBES: Why I Started From Scratch

Branko Milanovic, lead economist for the World Bank research group, sent me this comparative analysis based on household income or consumption surveys worldwide, adjusted for purchasing power differences.

FORBES: Who Are the 99%?