I think spending time on the realism of social processes in FRPG settings is not much more profitable than worrying about the physics of dragon flight and giant spider respiration.
JRRT did not create realistic economies for his world; he relied on clear and evocative tropes. I think this is the way to approach FRPG settings.
My comments in the "evil races" and allied threads are about the actual meaning and significance of pulp and fantasy tropes.And yet, weren't you praising just that kind of digging on race issues?
Given that very few people understand the social processes that govern the actual world - not even the economists and policy designers who devote their lives and vast resources to doing to - the idea that someone writing as a hobby is going to do so is fanciful.