Economy

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Money is created by selling non-farmable ores to the Bank and when new players join. Money leaves the economy when players purchase Residences

Using the command /bal you can view your current balance in game.

Earning Money

When a new player joins Woodenaxe they are given $100 to start out with. The Primary way to earn money is by selling Diamond Blocks, Gold Blocks, and Emerald Ore to the Bank at Spawn. You can also obtain money from other players but this method does not put new money into the world economy.

Using the command /pay <player name> <Amount> you can transfer money to another player.

Player owned Stores can be used to exchange money for items or vice versa. Stores are created using the ChestShop plugin. Some players choose to sell other items to player owned shops instead of mining for ores and selling to the bank. This method is not as simple as mining and selling to the bank but you can get lucky and come across good deals by dealing with player shops. The first step is finding a store that buys items instead of just selling items. The next step is finding an item in that store that has room in the chest. If a chest is full you cannot use it to sell your items even if the chestshop sign allows other players to sell to it. If the owner of the chestshop does not have any money then you will not be able to sell to them even if there is room in the chest. It is possible to run into this issue when selling to the bank as well, but eventually more money will be put into the admins account and you will once again be able to sell to the bank.

Instead of selling to player shops why not become a shop owner yourself?!?!... because if your main goal is to make money then becoming a store owner might not be worth your time. In the time it would take to build a store then gather the resources to stock it you could have just mined for ores and sold to the bank and become more profitable. There are just a few super stores that already battle over the market and the prices of items have become very similar across all shops. Creating a new store is recommended for players who are interested in becoming very invested with it and get a kick out of trying to undercut other thriving shops.

Uses for Money

you can shove it up your ass. you can shove it up other peoples arses.

The Wooden Axe economy

The money supply in the Wooden Axe economy originates at the Bank, where Matt periodically generates new money. It enters the economy when players sell diamonds and emeralds to his store. The Wooden Axe economy is DEFLATIONARY, similar to 1990s Japan.

We're going down, down sugar. Since players tend to accumulate massive stores of materials as they spend time on the server, supply tends to outpace demand for most items. In any economy, the prices of goods and services are heavily affected by a change in supply and demand, which means that if demand drops in relation to supply, prices will have to drop. This can be seen when visiting old stores: an inventory of cobble at Market (an old store) sells for $180, but at One Dollar Shop (a new store) it costs about $8! So COMMODITIES lose value, while CURRENCY and DIAMONDS (which are pegged to the same dollar cost) become inherently more valuable and offer more purchasing power as time goes on. It pays to save your money!

Wooden Axe's goddamn monopolies. Market owners have to drop prices just to compete with the large stores, another factor which limits the ability to earn money. It just doesn't pay to operate a store unless you're moving huge volumes, which means you either put long hours into your store or get no customers. This is a big reason Wooden Axe tends to get store monopolies. This deflation can actually be considered "good deflation" for normal players, since it involves an abundance in the supply of items at affordable prices rather than a decrease in the demand and empty store chests.

Bank to the rescue. The Bank provides a "gold standard" at a stable price ($450 for a diamond block through all of late 2013). This offsets the deflation by adding to the money supply and providing liquidity. Without the bank, players options for earning money would be limited since stores offer few opportunities to sell to them, and prices are so cheap it's barely worth the bother. With the bank out of the picture, the monopolies would sharply lower their buying prices on diamond to avoid a run on what funds they have. No cash changes hands and this leads to a deflationary spiral: exactly what happened in the Great Depression of the 1930s! If Matt disappears for a few months, we'll get to experience that here and probably will revert to the barter system.