We analyze the appropriate form for the generalized Stokes-Einstein relation (GSER) for viscoelastic solids and fluids when bead inertia and medium inertia are taken into account, which we call the inertial GSER. It was previously shown for Maxwell fluids that the Basset (or Boussinesq) force arising from medium inertia can act purely dissipatively at high frequencies, where elasticity of the medium is dominant. In order to elucidate the cause of this counterintuitive result, we consider Brownian motion in a purely elastic solid where ordinary Stokes-type dissipation is not possible. The fluctuation-dissipation theorem requires the presence of a dissipative mechanism for the particle to experience fluctuating Brownian forces in a purely elastic solid. We show that the mechanism for such dissipation arises from the radiation of elastic waves toward the system boundaries. The frictional force associated with this mechanism is the Basset force, and it exists only when medium inertia is taken into consideration in the analysis of such a system. We consider first a one-dimensional harmonic lattice where all terms in the generalized Langevin equation--i.e., the elastic term, the memory kernel, and Brownian forces-can be found analytically from projection-operator methods. We show that the dissipation is purely from radiation of elastic waves. A similar analysis is made on a particle in a continuum, three-dimensional purely elastic solid, where the memory kernel is determined from continuum mechanics. Again, dissipation arises only from radiation of elastic shear waves toward infinite boundaries when medium inertia is taken into account. If the medium is a viscoelastic solid, Stokes-type dissipation is possible in addition to radiational dissipation so that the wave decays at the penetration depth. Inertial motion of the bead couples with the elasticity of the viscoelastic material, resulting in a possible resonant oscillation of the mean-square displacement (MSD) of the bead. On the other hand, medium inertia (the Basset force) tends to attenuate the oscillations by the dissipation mechanism described above. Thus competition between bead inertia and medium inertia determines whether or not the MSD oscillates. We find that, if the medium density is larger than 4/7 of the bead density, the Basset damping will suppress oscillations in the MSD; this criterion is sufficient but not necessary to present oscillations.