well, if you really want to make an economy that makes sense, you have to base it off on the value of basic necessities. There are basic foodstuffs included in vanilla, MCraft and NoM, with prices listed.
Let's establish a basic economy unit called DF - money required to purchase three basic meals for one advlt person. An average commoner family needs roughly 4 DFs per day - two for advlt food, one for kids' food, and one for any kind of misc expenses the family faces daily. A commoner in the street should thus always have at least one DF of septims on him, while those in houses should have about two kept in a chest or the like.
Traveling fare to the nearest settlement by slit strider should cost no more than one DF, with the price increasing with distance. Boats should be twice expensive, since there's more work involved in manning them and in their general maintenance. Guild guides should charge a lot more when compared to these two, first because of the exclusivity of the service (5 people in total provide it), and then because of its instantaneous nature - an important fact that i'm sure intelligent people like those leading the guild wouldn't fail to notice and exploit.
War was something that was always left for nobles to deal with, since commoners had other things on their minds. Even when conscripted, commoners never wore any significant armour. So, armour and weaponry should be costly (after all, war was one of the most expensive activities any country could pursue). A set of netch leather armour should cost no less than 90 DFs on Vvardenfell, or 120DFs on Solstheim. Similarly, fur armour should cost about 90 DFs on the isle, and about 120 DFs on Vvardenfell. Chitin armour should be more expensive, about 140 - 160 DFs, because it requires hunting and killing of various large and hostile bugs in order to "skin" them (netch are kinda nasty, but i hate shalk more), and then it involves what is probably a bit more complex process than boiling (used for netch leather) in order to shape the chitin into usable armour. This sets the base values for armours, taking into consideration the availability of the materials needed for them, and the difficulty of making them. Bonemolded armours should be considerably more expensive than leather armours, because the whole process of their making involves some form of magic, if I understood it correctly. Iron should be even more expensive, partly due to its availability, but also due to the difficulty involved in crafting them. Chain armour is another thing entirely. I have a friend who makes chain shirts as a hobby, and I can't decide if he's completely mental, or just a reincarnation of some Tibetan Lama for all the patience and concentration it requires. Steel is more difficult to produce than iron, which should be reflected in the pricing of the armour accordingly. Silver is not really suitable to be used for armour, but any armour with some silver or gold contained should be made more expensive. Ebony is not only rare and thus expensive, but also probably a b*tch when it comes to processing it and using it for any kind of armoursmithing. Glass (never got that quite right, glass in my country usually shatters when struck, and also hurts the most adjacent exposed flesh) is easier to smelt(?) than ebony, but not as rare (or maybe it is, judging by the prices of both raw materials). Deadric armour is both extraplannar and usually taken from a corpse of a tough SoB demon you had to off in order to get the said corpse, two facts that should definitely enter the equation for its pricing.
A simple iron dagger should cost no less than 30 DFs, since it's not a common knife, but a well-balanced weapon with a well-made sharp edge. Other blades should be scaled up according to their length(increased amount of material used) and the increased level of mastery required to make them balanced, sharp and altogether usable. A spear is basically a long wooden pole with a small metal point, so it should cost just a bit more than a dagger. Bludgeoning weapons and axes require more material than blades to be crafted, but are a bit less tricky to balance, so there shouldn't be any significant difference between blades and these two types of weapons of the same material and relative length. Staffs and bows not of wood and chitin never made much sense to me, because other materials aren't exactly famous for either lightness or flexibility. Iron should probably be the most common weapon used in weaponsmithing. Steel is less common and of higher quality than iron. It probably takes more work to turn chitin into a weapon than into an armour, so the pricing should be equal or a bit lower to that of steel weaponry. Silver only makes sense for daggers and arrowheads and nothing else, since it's not hard enough to be turned into a blade that can keep a keen edge. Glass and ebony are both rare and difficult to process, same as with armours, and the same rules for deadric armour apply to the weapons of the kind.
Cutlery should cost up to 10 DFs, for basic varieties, up to 20 for finer, and up to 30 for silver cutlery. Common clothes should cost no more than 10 DFs. Extravagant clothes should cost no less than 150 DFs. A room in an inn should cost no more than 5 DFs. A bottle of the local brews should range between 5 and 30 DFs. The simplest of enchantments should cost no less than 75 DFs. Spellcraft should be priced in accordance with this.
Now, having read this (or skipped most of it, if you're not as mental as I am
), and assuming (intentionally wrongly) that you agree with it, are you sure you really want a balanced economy, or will you just stick to what we're given?