Guild Wars 2 economist John Smith and game designer Linsey Murdock posted a detailed dev blog today outlining big changes to the game's magic find and crafting systems. The first big change comes in the form of account magic find -- Magic find will be granted only by guild buffs, utility infusions, and consumables and will be account-wide and permanent (up to 300%). Magic find on existing items will be replaced with the option to select stats for that item.
Ascended weapon crafting is the second big change. Players will be able to level their crafting skills to 500; the professions that produce weapons will make use of a new refinement system and ascended inscriptions to create new ascended weapons. Ascended armor crafting is due later this year. Both changes are expected to have a big impact on the Guild Wars 2 economy, with Fine and Masterwork salvaging items seeing increased importance due to account magic find and the value of weapons and armor fluctuating thanks to ascended crafting.
Smith noted that ArenaNet doesn't intend to apply such big modifications to the Guild Wars 2 economy very often but that some features are worth adding due to the value added for players.