I think ducksface pretty much hit it.
If you look at the cost of really good tools years ago, as a percentage of average income, they were just as expensive then as now.
This is why our Grandparents pass on tools like precious jewellery. They know how much they really cost.
The difference years back, was that you only really had the very good tools, and the ‘acceptable’. If you look at an old Stanley catalogue, you will see that the cheaper tools have less polishing, less chrome, but are still just as functional.
What you didn’t have, at all, was cheap imported tools (not in the U.K. anyway). If you read an old ‘how to’ book you find advice like ‘take an old screwdriver...’. The key word is ‘old’. There were old well used tools, but no inexpensive ones!
If you want to find modern tools as good or better than the old ones, you can, but it’s not so much the type of tool you need to look for, but rather specific manufacturers.
If you have a company that perpetually looks for ways to save costs, and they do it long enough, they will succeed. The classic examples are Stanley tools. Once a byword for quality, most of their products have been cost cut to the point that they are barely fit for the purpose intended, if at all.
But, you get the opposite. If a company continually strives to produce better tools, they will succeed too. Examples (again) from the woodworking world are firms such as Lie Nielsen and Veritas, both producing planes, chisels etc of comparable quality to the old Stanley ones, if not better. Some of the Veritas designs are ultra modern too, and offer a degree of customising that was never available before.
For mechanics tools I’d agree with those who mentioned 80 tooth ratchets. Sure. The Dual 80 is waaay nicer to use than the equivalent of 20 years ago, and I think many Snap On wrenches are as good as ever. But there are other examples, such as firms like KTC who, with their Nepros range, are producing probably the finest mechanics tools that have ever been made, in JAPAN. Never thought I’d see it, but there you go!
Someone else mentioned power tools. Agreed. I love my older tools, ditto my old machine tools, but I’ve junked almost every old power tool I’ve had. The newer ones (provided you get good ones) are better in almost every respect.
I think that the key thing today is that we all have more choice. If we want to buy a cheap tool, to do a job we otherwise couldn’t, then we can. If we want top end, it’s out there. But with choice comes pitfalls. The unwary can easily fall victim to slick advertising and easy availability, and end up parting with mid grade money for low end tools. Thankfully, the GJ community are here to help...!