The paper addresses the assessment, modeling, and optimization study of surface roughness in finish dry hard turning (FDHT) of AISI 4340 steel with coated ceramic tool by considering the cutting speed, axial feed, depth of cut, and nose radius as machining parameters. Thirty sets of longitudinal turning trials based on central composite (CCD) design of experiments (DOEs) are performed, and response surface methodology (RSM), particle swarm optimization (PSO), and finally, Gilbert's approach are subsequently applied for mathematical modeling, response optimization, tool life estimation, and economic analysis. Additionally, various diagnostic tests have been executed to check the statistical significance and validity, adequacy, effectiveness, and fitness of data of the proposed model using analysis of variance (ANOVA) and Anderson-Darling normal probability test. Results indicated that nose radius and feed are the most significant controlled as well as dominant factors for hard turning operation if the minimization of the machined surface roughness is considered. The RSM model combined with PSO technique leads to minimum surface roughness value similar to cylindrical grinding of 0.2021 μm, corresponding to optimum process parameters: 220 m/min of cutting speed, 0.05 mm/rev of feed, 0.193 mm of depth of cut, and 1.6 mm of tool nose radius. Finally, under pre-cited optimum machining conditions, tool life was evaluated to perform cost analysis for the economical justification and feasibility of coated ceramic tools in hard turning. The total machining cost per piece is ensued to be lower ($0.34) as a consequence of higher tool life (44 min), reduction in downtime, and enhancement in savings, which finds economical benefits in hard turning. The novelty aspects of the present work are that (i) it demonstrates the replacement of expensive, time-consuming conventional cylindrical grinding process and proposes the alternative of costlier CBN tool by utilizing coated ceramic tool in hard turning processes considering technological, economical, and ecological aspects, which are helpful and efficient from industrial point of view and (ii) it contributes to practical industrial application of finish hard turning for the shaft and die makers to select the optimum cutting conditions in a range of hardness of 45-55 HRC.