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I am referring element number 702 4x4 corner brick, and possibly other elements that have not been in sets in a considerable amount of time.

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The 4 x 4 corner brick really isn't useful, and can almost always be substituted with other bricks. Given its limited utility, I imagine that replacing old moulds just isn't cost effective. – Kramii Jun 2 '14 at 8:20

I've been wondering the reasons why a number of pieces are no longer available and it appears the decision to reduce the overall amount of different pieces is simply a cost based one.

From a Q/A with someone from the Lego Company: "...the piece count has been reduced drastically and there's a move back to roots in Lego, not only for creativity but to save money. Lego went from 12,000 different pieces to 6,800 in the last few years-a number that includes the color variations."

snippet was from here:

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