Old timers will remember this one.
The reason the economy on consoles is complete ass is because ZOS, in their most brilliant moment, allowed PC Players who already had like a year of play before us, to carry over their accounts to console.
Naturally they had 2 things console players didn't:
1. Stuff
2. General Knowledge of said stuff's value/worth to other players
To this merit they started our game off with jacked up prices and basically destroyed our market from the getgo.
You had console players experiencing the game for the first time - not yet understanding the relative value of items in terms of gameplay, and so things that weren't even that desirable were able to be sold in a way that generated profit where they wouldn't have on PC. Daedra Hearts sold for some 10k at one point. Absolutely disgusting, but we console players didn't know better - we bought Daedric Motifs from the crown store, and realized we needed these hearts - and so the only people who had them on offer were the PC players who came over. Out of desperation we would buy the hearts - and thus the PC players continued to manipulate the market.
Things were marked up some 33% ish compared to PC price (some things more), because they knew we console players didn't know better - and by the time we did know better, well, the damage was done. The prices created by these PC Players were immortalized as standards and so all the console players priced according to how the PC extortionists were.
For some reason though, the effects of this have continued to spiral out of control ever since. Normally a game's economy would recover as more knowledge came out about PC pricing - but it's actually gotten worse.
PS4 NA today the cheapest Precise Mace I could find in all of Belkarth was 10,000k... it was green tier and not even CP160... yet it was the cheapest one there - not the standard of course, but it shows just how broken the economy is. People have NO idea what they should price things as.
We need some sort of built in tracking addon to help traders out, or else the new traders will browse their guild's store, look at other player's prices - and then monkey see, monkey do. Leading to an infinite loop of overpricing.