One of the core problems with a simulated economy is that it can't ever really be a real economy as long as it has significant chunks of the economic transactions coming from programs rather than people. There's always a border between the humans and the machines, and I think a lot of the silliness of MMO economies comes from that border, and the way it can be exploited, rather than the economic issues themselves.
For instance, in the real world, there is no such thing as a fixed price. You can't wake up one day, harvest a bushel of apples, and take it down to the fruit stand down the street to sell for $5, regardless of all other economic conditions. That bends the economy. In the real world, you can't buy an unbounded number of apples for $10 a bushel. That bends the economy. In the real world, if you sell a bushel of apples, it doesn't essentially disappear from the Prime Material Plane, it has to be transported to someone else who wants it, without destroying the apples, before they go bad. That bends the economy.
The inaccuracies are fundamentally unfixable in some sense, but they could probably be mitigated by trying to put in a feedback loop where things get more expensive as more people buy them, and get cheaper as fewer people buy them. If done correctly, this would also prevent the problem where you have to explicitly create and manage sinks; you let the economy figure out the sinks for you.
It would also almost certainly be dynamically unstable, with some things being under- or over-priced all the time in various cycle... but this can be seen as advantage for a game as much as it can be seen as a disadvantage. Some very clever thinking might even let you exert some control over the cycles and do things like try to ensure they don't all end up in sync (i.e., consider the equations for simple harmonic motion and how you can affect the "k" constant for different commodities).
The other thing I'd consider would be implementing storage fees (which themselves float) to prevent hoarding and gathering excessive wealth, probably structured as a progressive tax, too. Or at the very least, make it a knob you can crank and tell people it may change on a day-by-day basis.