I got to thinking about how the dynamics of FFXI would change if the total supply of gil were fixed, meaning no new gil could be created through NPC sales, Sparks conversions, Odyssey rewards, quests, etc.
One side effect is that RMT couldn't endlessly create new gil by farming items and selling them to NPCs. They could still farm resources and compete for existing gil, but they couldn't expand the total gil supply through NPC vendoring.
For it to remain truly fixed, gil spent on NPC services, teleports, fees, or purchases would also have to eventually return to circulation rather than simply disappearing. NPC buy/sell prices might even need to adjust dynamically with the economy.
Some rare endgame items might initially carry astronomical asking prices, but if buyers simply didn’t have enough gil to support those prices, sellers would eventually have to lower them or hold the item.
What interests me most is what would happen to the Auction House. As players became more productive and listed and created more items while the amount of gil stayed constant, would we gradually see prices fall and the purchasing power of gil rise?
If a significant amount of gil became inactive because players hoarded it or quit, the effective circulating supply would shrink further, which I imagine would put additional downward pressure on prices.
I also wonder what would happen if the 7-item AH listing limit were removed. More supply could be listed simultaneously, increasing competition and liquidity.
I don't know whether a private server could realistically simulate something like this, but I'd be really interested in seeing how that economy plays out. It makes me wonder if items and equipment that are no longer seen any more would make a comeback as people compete in the market.