Onur Cobanli explains:
Value perception is intrinsically linked to cost considerations. A design's worth must be evaluated within its price context, as even simple solutions can be considered good design when they offer appropriate value for their cost. Price is a factor in determining the value driven from a product, let me give an example; let's say we have the world's best shoe, it just instantly teleports you wherever you want, and there is no energy cost, indeed after each teleport, you get richer, the cost? you need to pay with your loved ones; i.e. to buy it you sell your family. Is this good design? No. When we talk about good design we need to remember that price of the product is part of the value consideration, in this case this shoe has a an immense cost (unless you are a psychopaths); most good people earn their income by working hard; the price is life; people give their time, their lifespan and get money in return then use this money to buy products, so a cheap product costs less life, and that's why in some cases it can be construed as good design, because if it costs less of your life to obtain it, then it is naturally better for you. Now, some cheap design can cost more in the long run, but that's just another story.