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I'd be fine paying 11$ for a G1 quality pony, but you can't compare the current line to the originals. There's no QC, often no accessories or extras, they're a quarter of the size/materials, not even printed on both sides, no new poses, and the same boring characters recycled over and over with no innovation. 'You get what you pay for.' is an adage for a reason.
According to one online inflation calculator, $5.00 in 1985 would be valued at $11.00 today. Anyone wanna pay $11 for a G4 Pinkie Pie?
Just the nature of keeping the price the same in the face on inflation I suppose... Personally I would pay more to have the same quality but alas Hasbro isn't too interested in that. Of course I think some of it is just G4 not having a great toyline in general, to me G3 had comparable quality to G1 with the same price (although G3s had their own issues and were smaller), heck even G3.5 toys are nice quality. Somehow I can't bring myself to believe that the inflation got so bad between the end of G3.5 and the start of G4 to honestly explain the huge drop in quality. So while it might contribute, I think it's mostly just Hasbro nonsense.