When you write a fanfic, what changes do you make to how the wizarding economy is portrayed? For me I try to fit what is observed in canon into something with a bit more economic rationale behind it. Now, a lot of the economic aspects of canon are somewhat awkward to combine and I don't attempt to do so. Rather I take what I consider the fundamental economic observations of the wizarding world and attempt to stay true to those. So, for example, I do not change the fact that in the wizarding world money is necessary, and wealth carries social status, but equally I do not change that even very poor people like the Weasleys can still live with a quality of life which in the Muggle world would be considered Middle Class. Nor do I change the "feel" of the wizarding economy i.e. I do not turn Gringotts into a modern bank, or create a stock market, or a huge marketing industry with brands like in the modern Muggle world (with a few notable exceptions) One thing that I feel needs to give way, given all this, is currency/prices/retail. Though it is possible to convert Muggle money to wizarding gold, I think it would be foolish to consider the two economies as comparable in any way. Wizarding prices are set with reference to the largely self-contained wizarding economy, and as such are determined by the economic conditions therein. Therefore I think authors should avoid setting wizarding prices by what equivalent goods would cost in the Muggle world. Let's talk about a few of those uniquely wizarding economic factors. Firstly, demand for "essential goods" is much lower because wizards' magic allows them to do for themselves many of the things which Muggles have to pay for. Wizarding culture also much more strongly favours the idea of an inter-generational family home, further reducing expenditures. Consider where you spend the vast majority of your money: rent/mortgage, electricity, gas, water, phone, internet, food. Of these, the typical wizard only has the expense of food. Almost all wizarding goods are in fact luxury goods, not necessities. Secondly, wizarding society does not use mass production. The vast majority of items on sale will be hand-made, often by the independent proprietor of the shop you are in. There's no outsourcing or globalisation, no long supply chains which cut costs. Just a shop owner who makes stuff and then sells it. Thirdly, and as a result of the above, wizarding demand for basic goods is much lower than in the Muggle world. Wizarding demand for luxury goods is about the same as the Muggle world but supply is much lower. With this in mind, I further imagine that A) wizarding wages are much lower than in the Muggle world, because wizards rely less on economic activity to meet their basic needs, so the vast majority of wages constitute disposable income, B) prices of most goods will be much higher than a similar type of good in the Muggle world C) sales volumes will be much lower, further increasing the need for higher prices. You also have to consider that the wizarding economy does not really have a financial sector like in the Muggle world - no double entry book keeping, no central bank. Gringotts is a holder of safety deposit boxes, not a real bank as understood in the Muggle world. These factors mean that the money supply in the wizarding world is much smaller than in the Muggle world, because M0/M1 (narrow money) = M4. As such the money supply does not increase over time through banking activities. This lack of expansion of money supply would mean that wizarding prices are very stable (low inflation), but it also means that wizarding currency is expensive relative to Muggle money. The supply of Muggle money would be orders of magnitude greater than the supply of wizarding money. There would be no wizarding billionaires, or likely even wizarding millionaires beyond a few million galleons. Even then, the very rich wizards likely have most of their wealth tied up in illiquid assets like land. All of this adds up to, I believe, a fairly consistent economic position which maintains the core elements of the wizarding economy as seen in canon: an unsophisticated economy built around independent craftspeople and landowners, not unlike the pre-industrial economy of, say, the early 1600s. Financial activity would be limited to small independent moneylenders, not institutional banks. What it would not preserve, however, are the 1 galleon = £5 exchange rate JKR has used. The exchange rate would be much, much higher. There is one aspect of the pre-industrial economy which I think has potential for exploration which is not shown much in fanfiction, which is mercantile activity. Now, wizarding society is much less based on raw materials, so this would be a less vital economic sector, but one presumes that there would still be commodities in demand for traders to make money with (potions ingredients, for one). And of course you can have trade not just in raw materials but also intermediate and finished goods.