Some people want their campaign worlds' economies to resemble medieval Europe, some people want them to resemble 21st century USA, some people want them to resemble Diablo... I don't think there can be a meeting of minds between them, but I'm happy with my game world's economy, which vaguely resembles the 'wealthy medieval-renaissance Europe' model implied by the DMG hireling costs, rather than (say) the Diablo model of the DMG 'wealth by character level' table or the 'ready cash by community size' rules. So I change the latter, where necessary to better fit the former. Simple. 
Eg: IMC a 7th level character has ca 2500 gp in gear - equivalent to a wealthy medieval knight; he can buy Full Plate, at a stretch, but his followers will be wearing leather.

Eg: IMC a 7th level character has ca 2500 gp in gear - equivalent to a wealthy medieval knight; he can buy Full Plate, at a stretch, but his followers will be wearing leather.