http://myarmoury.com/feature_bladehardness.php

For most of history, there was no available objective data on blade hardness, steel composition or heat treating and tempering techniques. Smiths worked the available metal into shapes that seemed to work and to please the customer. They made some pretty good knives, and some poor ones. Folks used the knives until they wore out, and got replacements. If the knife held an edge poorly, it got sharpened more often, If it was too brittle, it was broken and replaced.

Arguably, the least expensive knives currently available are of better steel than the best knives of the past. And yet, the old knives seemed to get all the cutting done that needed doing.

I guess this is a third world argument in a first world debate. OTOH, in a discussion about Randall knives with a Marine friend he observed that a Randall knife was a fine item, but it didn't make you any taller.

He was pretty Zen, for a Marine.