I think you somewhat misunderstand how prices work to convey information. Price on its own has never provided sufficient information to make a purchasing decision. As a one dimensional, discrete numeric value, how could it? It is always necessary for the buyer to use additional information to determine what a particular purchase is worth to them. If it is priced below the value they determine it has to them then it may be a worthwhile purchase. Wide availability of product information and consumer reviews on the internet makes finding the information to estimate a purchase's value to a given individual easier and this makes the price mechanism work more effectively.
What price does convey quite effectively in a hard to fake way is the value to the seller and thus some indication of the resources that went into the manufacture of a product. All else being equal, a more durable product will tend to have a higher price reflecting the greater resources required to produce it.
I don't disagree with much else that you say, with the caveat that I think buying say a wood plane makes sense for relatively few individuals unless they happen to derive particular pleasure from woodwork as a hobby or intend to do it as a business. The 'sharing economy' is a way the internet makes it possible for more people to amortize the cost between them and does change that calculation somewhat by making more efficient use of resources.
The value to the seller is not a function of how much resources were required to produce it, but how much resources the seller can convince the buyer were used to produce it. This is why buying up known, trusted consumer brands like Pyrex and replacing their products with a cheaper, inferior imitation is so profitable.
What price does convey quite effectively in a hard to fake way is the value to the seller and thus some indication of the resources that went into the manufacture of a product. All else being equal, a more durable product will tend to have a higher price reflecting the greater resources required to produce it.
I don't disagree with much else that you say, with the caveat that I think buying say a wood plane makes sense for relatively few individuals unless they happen to derive particular pleasure from woodwork as a hobby or intend to do it as a business. The 'sharing economy' is a way the internet makes it possible for more people to amortize the cost between them and does change that calculation somewhat by making more efficient use of resources.