The Dow is up only 19% in real (inflation-adjusted) terms since 2000.
A 19% increase in 17 years is underwhelming.
The national home price index that Case and I created is still 16% below its 2006 peak in real terms.
But hardly anyone focuses on these inflation-corrected numbers.
Robert J. Shiller, Project Syndicate 18 Jnuary 2017