Instead of market cap/GDP, wouldn't market cap/earnings (p/e ratio) more directly capture "market overvaluation" and "how much the stock market costs vs how muc

Instead of market cap/GDP, wouldn't market cap/earnings (p/e ratio) more directly capture "market overvaluation" and "how much the stock market costs vs how much it is providing"? If so, it seems like we're at a fairly average place for the last 30 years: http://www.multpl.com/ http://www.multpl.com/ https://seekingalpha.com/article/4056553-25-p-e-s-and-p-500-might-new-norm https://seekingalpha.com/article/4056553-25-p-e-s-and-p-500-...