Well, I'm not a knife maker, but I know someone who is, or rather is in the process of becoming one. I won't mention names here, since I don't know if he wants this story told, but it is VERY pertinent to the discussion.
I have always wanted to make a knife. When i found out what the investment is in tools, etc (thanks, Bladeforums!) i went with the next best thing. i found someone who had the tools, and I gave him my design. The knife is OAL 15" with a 9.5" D-2 blade and large micarta handles with some serious rounding and fitting required. He told me he would do it for $250, in between his regular job, working shows on weekends, etc. He told me that it would take about 8-10 hours total start to finish, but due to lack of spare time on his part, it took about 3 months to finally get the knife from him
I met him at the show, and he told me that he wasn't happy with the orignal grind I had proposed since it didn't translate well on his grinder (I had envisioned a drop point with the dropping curve back relieved. it was a fairly complicated series of angles to grind) so he tried tidying it up the day before the show...and ground the point off. in trying to regrind the profile, he had weakened the tip so much it practically came apart. So he stayed up most of the night (he had promised me he would have it on that day) making a second copy of my design. I must say, it was absolutely beautiful...more than i had hoped for. he showed it around to several other dealers and a few makers at the show, and they all loved it.
Now here's the catch...the price of $250? Yep, it was still $250. he told me he had burned up two belts on the D-2 (which was much more difficult to grind than he thought it would be) and took much longer to make than he had anticipated (even without doing it twice) he told me he would not make the same knife again for less than $450.
Knowledge is expensive.
Tom