The economy! I think I can safely say that the economy is one thing that TES has never really gotten right. Here is the part of my play through that inspired me to opine on this topic. It starts when Belethor over in Whiterun jokes about wanting to sell his sister.
When you think of the incredible size of TES games and the huge amounts of items that can be bought and sold you would think Bethesda would have made a more robust economy. One where supply and demand would mean something, granted the player is really the only participant in the economy. However, a simulated economy would be very interesting and is something I hope is implemented in the game out of the box. As a frame of reference, think Mount and Blade.
Before I go further into what I would like to see implemented in the game here is how the economy works in skyrim Skyrim:
Every item has a base value. The price of an item , depending on whether you are buying or selling, is affected by a price factor. The formula for the price factor is listed below:
sell price factor = (3.3 - 1.3 * skill/100) / ((1 + Haggling %) * (1 + Allure %) * (1 + Fortify Barter from potion) * (1 + the sum of Fortify Barter from equipment + Fortify Barter from Blessing of Zenithar))
buy price factor = (3.3 - 1.3 * skill/100) * (1 / (1 + Haggling %)) * (1 / (1 + Allure %)) * (1 - Fortify Barter from potion) * (1 - the sum of Fortify Barter from equipment - Fortify Barter from Blessing of Zenithar)
The buying price is found by multiplying the base value to the buy price factor. Selling price is found by dividing the base value by the selling price factor.
Next, the amount of gold merchants have on them is most arbitrary but can be increased via perks, which never made sense to me (how does the dragonborn affect someone else's stash?) Typically, you are looking between 100 and 1000 gold without the perks.
Merchants typically buy specific goods aside from general merchants and fences. Most merchants can be made into fences with the right perk (once again, makes little sense).
A merchant's total amount of gold and inventory resets every 48 hours.
Merchants sell only to the dragon born.
Regarding the value of a crafted item, I won't be talking about that here as this will get long enough, I'm sure.
Overall the economy is very lacking and static. The base value of items seems to be really off in Skyrim. For example, The Ring of Narmina is a unique ring given to you by the Daedric Lord Narmina and has a base value of 870. There is only one so it's value should be ultra high or even invaluable. So, let's say the player is speech level 100 and has all the relevant perks and is selling to the opposite sex. That invaluable, one of a kind, only to given to those by a single supernatural entity has a selling price of 679 gold. I've sold invisibility potions for more than that with minimal skill increases in speech. It's truly sad.
And now, the inevitable comparison to Morrowind. All I know about the economy is that it's just as static as Skyrim and Oblivion. Everything has a base price just like Skyrim however prices are affected by the merchant's disposition and your character's mercantile skill. Indirectly, your reputation and/or faction reputation, amount of fatigue and luck (no formula this time, couldn't find it!)
Almost every merchant sells @ higher than base value and buys @ lower than base value.
Some merchants, not just fences, will buy stolen goods. If you carry drugs, some merchants will refuse to deal with you. Merchants only sell or buy from the player. Merchant gold ranges dramatically from 9,000 to 50 gold (not including creature merchants) but most merchants will have from 4000-50 gold and this amount can be changed with a bit of trickery (waiting 24 hrs or selling merchants gold).
Another major difference is the ability to haggle that is determined by your mercantile skill. You will actually ask for a higher or lower price from the merchant and he will accept or refuse. Higher skill means better success at asking for lower or higher prices. Repeatedly getting denied for a haggle can result in 0 disposition with a merchant and he may not be willing to sell to you for some time.
Base value is also extremely varied. Again, I'll use a Daedric artifact: The Ebony Mail with a base value of 120,000 gold! It's nearly impossible to sell this item and get anywhere near it's value since all merchants won't have enough gold. Many will happily pay you their max gold for it, however if you want to part with such a rare item.
...So, here we are. Both games had mechanics that affected prices all built off a base value and skills could alter those prices. Outside of that, nothing contributed to a change in price. I call for a dynamic economy where price change not just based off skills, dispositions, reputations or perks but from supply and demand. They will need to simulate the economy!
Think something similar to Mount and Blade. The player (and simulated agents) can play the market to buy low and sell high. Crafting will play a role in this too but would need an overhaul. Instead of just smithing, enchanting and alchemy why can't there be brewing, farming, tailoring, cooking or spell making? All these things require inputs which can vary in price. Nearly anything that could affect supply and demand would alter prices in the province and vary over the short and long term - weather, surplus, shortage, number of merchants, number of consumers (simulated agents), consumer taste, availability of substitutes and compliment, cost of labor, economies of scale, etc. Apply this to items and services alike such as training, inn rentals, horses, carriage rides and other transportation.
Aside from immersion improvements, it would open up a totally new way to play the game and sorely needs attention. That is all for now! If you are still reading this thread, thanks! Hope you will share your opinions on the state of the economy!
Topic for another post later on - hint: it plays into my economy post above.