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Certainly, to some extent. However, CCP releases numbers about the state of the economy on a somewhat regular basis, and it becomes clear that a lot of ISK is tied up in inactive or banned accounts. That's one of their greatest ISK sinks.

Also, you quickly run out of things to buy when you have trillions of ISK. Most people with that kind of money start bankrolling corps (reimbursement programs, etc). This doesn't destroy ISK since it just gets redistributed, but the redistribution allows for more people lose ISK to sinks (inactivity, fees, etc.)



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