So what should Square Enix have done?
It should have set up a comprehensive market system that allowed players to set both buy and sell orders, just like EVE Online. Moreover, this should be a single, unified market accessible from all three major cities. In
FFXIV, players can instantly teleport from one city to another, meaning that setting up three isolated markets accomplishes nothing beneficial at all and merely inconveniences players by forcing them to ask someone in another city to check the prices there and teleport if market conditions are more favorable.
Players should be able to list more than 10 items, and the market system should allow players to simultaneously place orders for equivalent items (for example: you can set an order that buys all items, including the +1, +2, and +3 versions, either for the same price, or for four prices).
Finally, this market system should show historical transactions, ideally dating back for a full year (as in
EVE Online) but even the last few transactions (as in
FFXI) would be acceptable for players to make an informed decision based on both current market brackets and past market performance.
In conclusion, there are a number of valuable lessons all MMORPG designers should take into consideration when developing their virtual economy. First and foremost, give players the tools they need to be an active participant in the game economy without undue burden or stress.
Secondly, ensure that all types of players ("market players", casual players, and everything in between) feel like the market works for them.
Thirdly, make sure to balance all your opportunity costs: don't let the MIMO trickle cause too much inflation. Continual money-out outlets like Player Housing are a fantastic way to keep your economy in check. Finally, remember that you're making a game. It should be fun to play. Empower your players, not just with sword and powerful magic, but with the chance to make dreams of riches on the market a reality too!