Yeah this is why the argument that high magic setting = modern economic system doesn't work when you allow magic items as they are written. Magic Items have 0 ongoing costs associated to them (if you use just the basic rules). So they represent the ultimate in high initial investment cost, low ongoing cost scenario. We don't have an equivalent for that in our markets. Things have maintenance, things have to be replaced. Energy costs are a major limitation to growth, etc etc.A number of the above posts are a good argument why magic MUST have a cost. Otherwise, you end up with perpetual motion machines.
Once you have powerful factions that recognize this (and have a long term view of things), they will quickly realize that manufacturing magic items is the ultimate in wealth and power generation. And after a few generations you would see such items replace more mundane means. Its just too cost efficient not to.
If you do want to replicate a more "normal" system (which takes me back to the OP), is you want magic items to require some kind of fuel to keep going. Now on a PC level you can handwave it, but once your at industrial scales that becomes a major consideration. 4e had the concept of "residdum", basically magical powder found from some sources or breaking down magic items. You might require supplies of that to be shipped to keep magic items functional. Once you do that, now your back to our more modern economic understandings. Magic Items are just technological machines taht require "power" and do labor that we can't do ourselves. We already understand how that works economically, so applying it to a fantasy setting becomes much easier.






