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Well, that's not weird, businessmen don't keep the real world economy from collapsing either, they just tell you when and how it will. Also, you
probably
meant economists but I'm not actually sure.
There are many reasons why game economies don't work like IRL ones, and multiple things that Economy designers have to learn about those differences before they can consistently make good game economies.
But it isn't right to say that they aren't similar, either. They follow a specific set of rules which a designer can learn, and then apply the game's actual design goals to, deciding which rules need to be followed and which ones shouldn't.
WoW did a good job of this, I think, but the design goals of WoW lead to an Economy design that most people don't want to see any more, I think that is why they changed it over time. So instead, I'll just tell you this. Steven wants every player to master only 2 or 3 Artisan professions, and he also wants people to be able to play the game while focused on Artisanship.
Alchemy and Cooking (which produce Consumables) are two of those professions. So Steven wants those to be necessary
enough
for people to spend a large amount of their time doing those professions. The difference between your model and the model I know (I will speak about FFXI because it is the one I know the best personally), is that a player chooses ONE thing they want to 'grind', because they enjoy it and it doesn't feel like 'grinding' to them, and then they pay other people for other products.
So, only about 1 in 10 people would 'grind to make consumables'. Everyone else would 'grind to earn consumables', or 'do content that doesn't require consumables'. But Ashes' Economy designer would need to make sure that SOME content 'required consumables' or there would be no need for Cooks and Alchemists (probably Fishers, Gatherers, and Farmers too) and I don't think Steven would want that.
MMO economies do not collapse because of too many numbers. They collapse because of design flaws, and
sometimes
because of a game's goals, 'too many numbers' is a design flaw. Probably not here.