Interesting question, and I ain't done this in a while (Damn real world, ya know, work, kids, yada, yada, yada).
Anyhoo, I would first point out that although the First Age is nothing like the classical era and more like the early middle ages, it is also in some ways comparable to pre-Roman, Iron Age Europe of the Celts, Tuetons and so forth, in that there was not a lot of intense agriculture and so forth, wheras by the time Frodo its more like the High Middle Ages, without the economic and demographics. Didn't Bilbo and Frodo have a clock? I don't see one of this in Gondolin.
So, on the above basis you have about 3,000 years to compare to 7,000 years. Ultimately, JRR was shooting really for a lifestyle, metalurgy and so forth of the early middle ages, mistakenly labled the dark ages, specifically that of Anglo-Saxon-Celtic Britain.
Finally, with Elves and Dwarves who needs technology? The healing powers of some was remarkable, and I try not to think of it as "magic" but what they knew and understood of the world in ways we don't see, including Men and Hobbits. But as our technology today is truly magical. Then again, this computer is really something, but it can't do what the Dúnedain did with Amon Hen. And the Silmirils, heck Feanor was onto something trans-nuclear if you ask me.
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The hoes unrecked in the fields were flung, __ and fallen ladders in the long grass lay __ of the lush orchards; every tree there turned __ its tangled head and eyed them secretly, __ and the ears listened of the nodding grasses; __ though noontide glowed on land and leaf, __ their limbs were chilled.
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