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The Economy
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December 16, 2013
5:15 pm
Smurphizzle
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Hello, I am very concerned with the current state of the economy. As a player with years of MC economies, it has come to my attention that VC's economy can definitely use some work. Below are some ideas that I have to help fix the economy before it crashes worse. Please reply with any ideas/suggestions that you may have.

 

1. Remove items from shops. An economy is based on supply and demand. As of right now, the market is flooded with items. This drops the price since demand is low and supply is high. BUT if you were to take the supply away, then the demand would go up. Think of it as a teeter-totter. When one side (supply) is high, the other side (demand) is low. A perfect economy is evenly balanced on both sides. A way to get an even balanced economy would be to simply remove items from players shops, almost as if they were never there. You could either pay the players for the items or just take them away. 

 

2. Encourage players to sell their items. A big problem with the shops is most players only sell items. If you were to create an admin shop, players would be able to sell their inventories. The prices wouldn't be very high, but enough to get players to sell their items. The shop would only be open for a limited time, long enough to drop the amount of supply and hopefully balance the economy.

December 17, 2013
10:41 am
meatbawllz
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There actually is a government shop but it only buys what the government needs at the time. I believe the only thing that would help demand is lowering prices to a point people buy it up.

Founder and owner of VeteranCraft. "He who says he can, and he who says he can't, are both usually right." -Confucious
December 18, 2013
3:00 am
Adituno
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The red market is buying 7 pages of items at the moment. To see what you can sell to it, go to A13 in the merchant hall and type

/shop browse sell

/shop browse sell 2

...

/shop browse sell 7

 

The bank of Vetronia used to buy diamonds for a relatively high price (50 shillings per) which kept the diamond price high. Now it is down to half of that, but it seems to have stabilized.

 

In my opinion the solution is not to remove items from the market (what an odd thing to do on a legit server!) but to encourage more players to build, instead to mine and farm ;-)

December 18, 2013
9:56 am
LightWarriorK
Aelfheim, Arda
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Adituno said
In my opinion the solution is not to remove items from the market (what an odd thing to do on a legit server!) but to encourage more players to build, instead to mine and farm ;-)

But it's Minecraft; this result is really just an inevitability.  Demand for most items will never by high, and really the most money is made off of bulk orders for the occasional project.  I'll tell you what, if I need a stack of lumber, I'm going to a forest.  If I need a chest of lumber, I'll go to a shop (maybe), but then just once.  

And diamonds did stabilize....about half the price they were going for a year ago.  The prices in VC are not set by demand, but by supply.  Flood the market with diamonds, the price will fall.  Simple as that.

Personally, I find stores to be a curiosity, not a necessity.  If someone wants to buy/sell something, then fine.  It adds a fun aspect to the server.  I still plan to have a multi-store market in Highmoor one day.

But I never understood the need to essentially have Wal-Marts in this game.  Materials are too easy to come by, and getting them is half the fun of the game.  Yes, large orders of bulk materials for building (logs, wool, coal) are very useful, but stocking thousands of items that no one will never buy in bulk.....demand will never be very high for those.  And those who buy out everyone else to sell it again for a little bit more....while they're no rule against it, I find the practice distasteful.

I don't see that anything needs to be done, since shops are basically infinite virtual storage and thus take up no excessive space.  I believe over half the Merchant Hall is still vacant.  I realize people want to make more money off their sales, preferring to be more local stores than "low-price leader," but that's the up-side/down-side to a free market economy.

Personally, though, I see nothing wrong with a crashed economy.  Fewer people interested in shops means fewer shops, meaning those that remain will see greater use.  Others can have shops of their own, like I had a "Tavern" for a while before I needed to relocate it.  Completely useless, but a nice touch.  However, being Minecraft, if the economy does crash, folks won't be too damaged by it....as I mentioned earlier, it's easy to get items.

The biggest downside I see for the entrepreneurs is that they may rely on massive shop sales to fund Residence, which a crashed economy would certainly slow the shilling influx.  However, my sympathies are low.  While shops are nice, they were never intended to be the main focus of anyone's play.  Those who are completely reliant on shop income for their Res welfare should really think about diversifying their play style.  Gold mining and voting are great ways to make shillings, and I've found that having a small shop for some extra goods I have lying around, or purchasing some small thing for convenience, is much more satisfying than concentrating all my energy on dominating the market.

In the end, I'm really not worried at all about the economy.  It can boom or crash all it wants, and doesn't really affect play all that much.

"Awake, oh man, and be wise." -Thoth
December 18, 2013
11:02 am
Pauli90
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Hm, many wise words, LWK... ;)

But I don't fully agree with your opinion. It is not so trivial, if the economy works or not.

Of course, money isn't all on VC and there are many ways to gain money like voting or donating. However, the real idea behind a working economy is: it makes fun. Surely, it is more important to some and less important to others. But, overall, a crashed economy is no economy: fun factor -1.

One idea I see to vitalize the market situation is: Give an importance to emeralds. This would create some kind of circle as emeralds can be purchased from villagers by selling them wool, wheat, meat, fish, coal, paper, books and many more. If emeralds are demanded, all these products are demanded, too. And this could enliven our economy.

Back in my day zombies dropped feathers!
December 18, 2013
2:42 pm
Adituno
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i personally enjoy playing the salesman very much. The ups and downs of the economy makes this interesting. Emeralds are important enough at the moment in my opinion. There are many useful things you can get from villagers, including diamond armor, which you can salvage back to diamonds. Diamonds are always in demand because they are used up in armor, tools and swords.

Bottom line: i don't really see the need for any change at all.

December 19, 2013
4:22 pm
sts512
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Smurphizzle, you bring up some good points here. You have some interesting ideas for getting us to a perfect economy.

 

But in my opinion, the whole point of playing the economy is because it's not perfect! If everything has a set price, there are no opportunities for advancement. I would say that our economy is pretty good the way it is right now, so long as everyone buys my diamondsWink

#swoloyag
April 19, 2014
7:47 am
ramous15
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For diamonds, i think that the prices are fine. But the prices for gold blocks on the other hand is very much borked. It is currently selling for 117.01 and buying for 117.00. Since the First National Bank of Vetronia has a price already in place i think we should all adjust our prices to match it. This however does not mean that the price of gold blocks will be standardized, just think of it like a reset. This method can also work for other items, we would just have to figure out a price to reset to on our own.

Let me know what you guys think of this idea.

"Insanity: doing the same thing over and over again and expecting different results." -Albert Einstein
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