It’s called Sehnsucht in German and is also used as a psychological term in English.
I’m not really sure if the 80s were necessarily better or worse in reality. On one hand it all seemed relatively simple, but without the distractions of constant communication, flexible agreements, procastinating and whatever else we have in our modern stressful information overload, the 80s were quite brutally direct. If you could time travel there, you’d probably find people to be rude and focused on actions instead of thinking. For better or worse.