Economy- The best and worst of it

I believe that Imdeity's Economy has pros and cons. I want YOUR opinion on the economy. What Do you think about how the economy is now and how can it improve in the future? -Xeaus

I somewhat dislike that the prices of very rare things are very cheap. Although his may be good for beginners, I think that valuables are valuable and should be priced higher. Mall shops may lose a lot of money from the prices they are selling them at. I really don't want the economy to fail now after so many years.

Save the Economy please! We need YOUR help to be recognized and finally fix the economy so everyone can be happy! (My opinion of course is that the economy needs to change)

 

Sadly, since most items aren't in demand at all, and most of them are just cosmetic, a lot of prices will almost never rise at all/much. Take an item in a heavily based pvp or pve server that is essential to playing that server at a fun experience (like obsidian in raiding servers), it will surely be priced highly. However take that same item in a town building server with no need for it, the price will be drastically lower.

Take wood, for example. It is a very popular resource, high in demand, and looks very aesthetically appealing on buildings. It is high in demand, and also high in supply. It won't ever go up until trees run out - which is next to impossible, considering /mine exists.

 

I don't think the economy is crashing, its actually finding its equilibrium. A level state where everything is balancing out.

The rare items you're talking about are most likely diamonds. The single value of a diamond has gone down significantly because of the donator kits. The top 2 tiers of donator get a set of diamond tools (Sponsor getting 2) every 6 hours and over a week that would work out at 6-12 tools. That coupled with he fact that most of us keep an enchanted set of tools and just repair them, they just build up and get sold via auction or player shop. So this brings down the prices of diamonds because a player could just buy a diamond pickaxe worth 3, for less than it costs to buy 3 diamonds.

The thing that is good about this economy set up is the gold sinks. If players could keep earning money and it never disappeared from the world, then the price of items would slowly decrease over and over until everything was worth 1 dei. The 15k for making a town, upgrading and the taxes all make sure this doesn't happen.

My only worry with the way the economy is going right now is that it is gradually getting harder to afford things like towns. The more the price of items drop, the less you can sell them for but the price for towns is always the same. So as prices get cheaper, you have to sell a lot more before you can afford it making it harder for new players to earn money the longer the server is up.

 

I have made a post about the low prices of the (expected to be) valuable items on the thread 'Economy is Collapsing', the idea there was to every shop owner at /mall to raise their prices to avoid an economic collapse:

After that post a new feature was added to the server very recently (this week) that allows players to craft rare/unobtainable items using their rare items, such as diamonds and emeralds, you can see the list here.
The results of an increase in demand (not simply raising prices because they feel too low) are already showing up, all emeralds and diamonds that were available at /mall for weeks were bought in two days. A few shops just started to restock, now at a higher prices because they know people will be willing to pay higher prices for them.

In my opinion, the problem is that we have too many people trying to get money, and too few willing to spend, in other words, we have too many suppliers and too little customers - offer is high, demand is down, what makes prices go down. To fix that, we need more people spending money, as paradoxical as it may seem. :l

 

Smcallah, the genius admin, economist, networking prodigy, and slickster.