An economy that mimics real life also mimics its problems - inequality, shortages/high-prices of desirable goods, lack of opportunities, little gain from hard work etc. The overall result might not be fun.
I don't know if it would take on all the real problems. If all characters have the same abilities then it doesn't become like the real world. If I'm able to mine ore, chop down trees for lumber, farm crops, & bake food all in a 3 hour playing session then it means the lack of opportunity or inequality isn't there. Nobody is doing all that in the real world in such a short time span and being able to do everything would change the economy to not exactly mimic the real world economy which means it won't share all of it's problems. However, it might create new problems that are unforeseen. Guessing we'll have to make it to find out
1) You lose control of the economy. It is now subject to chaos and market forces.
As a game designer I think that's a little of what makes the idea fun. Designing something that the players take control of and make it their own. The players of the game would decide on the outcome. I know in my game I'm going as far as making public officials that have even more control over certain things like taxes, public land, etc. Players vote other players in and can vote them out too if they don't like how one is running things. I'm interested to see what players do with something like that. This is where indie's have the creative control to test stuff like this out. I think most game designers are terrified to give power like that to players in fear of them using them for evil and killing their game, but if you give all players the power of the vote, then they all feel empowered that they can change the game.