This implication is the big question mark. It's often true but it's not at all clear that it's necessarily true. Choosing better languages, frameworks, tools and so on can all help with lowering costs without necessarily lowering quality. I don't think we're anywhere near the bottom of the cost barrel either.
I think the problem is focusing on improving the quality of the end products directly when the quality of the end product for a given cost is downstream of the quality of our tools. We need much better tools.
For instance, why are our languages still obsessed with manipulating pointers and references as a primary mode of operation, just so we can program yet another linked list? Why can't you declare something as a "Set with O(1) insert" and the language or its runtime chooses an implementation? Why isn't direct relational programming more common? I'm not talking programming in verbose SQL, but something more modern with type inference and proper composition, more like LINQ, eg. why can't I do:
let usEmployees = from x in Employees where x.Country == "US";
func byFemale(Query<Employees> q) =>
from x in q where x.Sex == "Female";
let femaleUsEmployees = byFemale(usEmployees);
These abstract over implementation details that we're constantly fiddling with in our end programs, often for little real benefit. Studies have repeatedly shown that humans can write less than 20 lines of correct code per day, so each of those lines should be as expressive and powerful as possible to drive down costs without sacrificing quality.