A market would also fix this, in effect averaging over the entire population. Given players' anger at pieces not dropping as often as they "should", the market would converge approximate the true ratio between drop frequencies of different pieces.
Final Fantasy XIV did this very well in my opinion. They designed for the economy right from the start, and everything revolves around that (and the amazing graphics, music, and exploration), rather than spells, grinding, and raids.
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A market would also fix this, in effect averaging over the entire population. Given players' anger at pieces not dropping as often as they "should", the market would converge approximate the true ratio between drop frequencies of different pieces.
Final Fantasy XIV did this very well in my opinion. They designed for the economy right from the start, and everything revolves around that (and the amazing graphics, music, and exploration), rather than spells, grinding, and raids.
Except that the most desirable loot was invariably soulbound: http://www.wowwiki.com/Soulbound