Tom,
State-of-the-art or cutting edge technology in any group of product offerings will initially cost more and when it's use beomes more widespread costs decrease. This happens with golf equipment, too.
I could send you out the door of my shop with a full set of state-of-the-art Pings, driver through putter including the bag for $1,500 and smile when I do it. That's equivalent to $240 in 1965 or $630 in 1980. If you can't afford that I can sell you the same make-up in AMF product for around $300.00. Included in that set are a Ti-Matrix Forged driver and Hyper-steel fairway woods (graphite shafts of course), perimeter weighted stainless steel irons with steel shafts, wide track putter w/insert and a lightweight stand bag.
Other companies, like Tour Edge, Precept, etc. offer similar products and there are components for the do-it-yourself'er.
Price points are everywhere and suited to just about anyone's wallet. Using the premise that equipment costs too much, thereby limiting participation, is just not a valid statement of the facts. It's only true if a newcomer to the game, who only earns an average income, feels he has to have the absolute highest priced equipment before he will play. Too bad for him.
I don't know where you live Tom, but we are blessed with some interesting and reasonably priced courses in the tri-state area of Ct, Mass and NY. In my winter travels I have found a good number of courses up and down the eastern seaboard, all of which were reasonably priced and not a bore.
Perhaps I'm wrong but I'd bet that there are many areas of the country where reasonably good golf could be found for less than princely sums.