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It's a simple guitar - all birch, thick neck with a little steel rod, painted faux inlays and binding, stamped tailpiece, canvas bracing. Adjusted for 74 years of inflation, it cost $44 when new.
It sounds good, especially for music of that era. The intonation in all registers is perfect; the neck is totally straight. It has survived all its years with only 1 small crack.
This is a 1934 Martin D-28:
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It has become the standard of greatness by which all dreadnought guitars are judged. Today, they cost at least $35k. Originally they were $28 - $444 in today's money.
Today we have CNC machines, automation, the ability to import lumber at low costs, light-cured adhesives, polyurethane, and decades of know-how in making guitars. Why is it then that American made guitars of today can not be had for less than $1000 in most cases? Even if you were to purchase imported guitars at the inflation-adjusted costs of these old examples, they would be poorer quality. Why is this?