You asked about "economically" priced 1911's. The Taurus PT 1911 is quite economical considering what you get. It has most of the bells and whistles of the higher priced versions available at a lot more affordable price. Of course you don't have the bragging rights associated with the names of the custom and semi-custom guns either. That said, my grandson and I own PT 1911'S and love them. They shoot anything loaded in them, FMJ, HP, handloaded lead RN, and semi-wadcutters, both mild and factory velocity and never malfunction. Shooting from a benchrest my 70 series Colt Cup Nation Match will beat them in the accuracy department a little.
The only thing I would change is the rear sight to an adjustable although it hasn't been a problem. I just like adjustable sights. I know non adustables are supposed to be tougher than adjustable but I don't abuse my firearms enough for that to matter.
I know you will see a lot of negative posts about Taurus quality on this forum. I own three, PT 1911, PT 92, and a Gaucho in .45 Colt. None have had any problems and I haven't found the negative feeling about Taurus on other forums.