Let's talk about Progression.
There is none. There never has been, and it's unlikely there ever will be.
You accumulate credits and standings through a very mechanical, mindless process of repetition, but you're not progressing.
Let's start with Trade. You begin your existence as a "Harmless" ranked trader. You buy two tons of Hydrogen Fuel at your starter station, fly one station over and sell them for 5 Cr profit. While you're there, you buy 2 tons of Biowaste, fly them back to your starter system and sell them for 10 cr profit. Net profit: 15 Cr.
You could potentially continue to do this exact same thing until you're awarded the rank of Elite trader.
Now, as Elite Trader, you should be heralded for your shrewd business acumen, respected by other traders for your knowledge and experience, sought by pirates for fine goods you carry - but this is not the case. You're not "Elite", just persistent.
Exploration: You fly in pretty much a straight line, honking and scooping from your starter system to the edge of the galaxy and back. You sell a load of cartographic data, none listing any new discoveries, just reinforcing what has long since been known. You've encountered no alien life, nor even detail scanned a single world, nor even boldly gone where countless others have gone before.. you simply accumulated data in bulk. You're no Columbus, no Polo, no Erikson. Your title is Elite, your ability: Persistent.
Combat: Taking your earning from all that trade and all that exploration data, you fit yourself into an Anaconda. A beast of a ship against skill-less low leveled NPC's, and more than suited for high level NPC's. You park yourself in a Haz RES, leaving turrets set to Fire At Will, a bit of pirate bait in your hold, and go away on a weekend holiday, while your ship does all the work for you over the course of the weekend. You return to a massive amount of credits to your name, bounties to cash in, and the Rank of Elite in Combat. You're a cunning, fierce warrior, who stands out among your peers, right?
You've progressed, right? No. You've Endured.
Your character is unchanged. You react no faster, have gained no special abilities suiting your "progression", you're the same jock in a sock that climbed in to that starter sidewinder (or eagle if you're one of those folks).
That's not progression.
Sure, now you can afford a great number of ships you couldn't afford, but that's not progression either.
That leaves Naval Ranks - honorary rankings with no authority or even acknowledgement other than the ships they enable you to buy.
Not really progress, just persistence. You have no forces to command, no people to lead, no real political sway, just an "Esquire" at the end of your name, and just as meaningful.
But here's the thing - this is actually OK. It's almost necessary to give some sort of tiered structure to the game aspect of Elite. Without it, we would be lost when it came to finding a trail to blaze. But is it Progression? No, it's not. There's no end to reach for, so you're not really any further along as Admiral and King as you were a Nobody. We're all still Nobodies be we 10 minute Nobodies or 10,000 hour Nobodies.
That leaves the subject of The Economy...
Since supply is constant, and demand can really never be met, and prices are basically fixed, with only some minor flux mathed in during System State Change, and our own personal wealth have pretty much no bearing on anything, we really don't have an Economy to concern ourselves with at all. If I donate a billion credits a week to some faction, will they ever rise to anything more than some minor faction in some backwater system no one else ever visits? Will they be able to nominate someone to run for the office of President of the Federation? No.
What will their rise in power bring? An end to prohibition, and 2154 tons of beer to buy at the station they supposedly control, instead of the normal 20 tons of beer, for the three days the boom lasts. And if I stop donating weekly? Will they collapse under an unsustainable lifestyle? No. Maybe they're be displaced, resulting in 3 days of civil unrest as a new faction rises to take their place and then what? No more beer to buy? In 1 of however many countless thousands of stations are out there.
The so-called Economy is an illusion, and a flimsy one at best. Again, for the sake of Game Play, this is OK. It makes for a pretty even field for everyone. I've played games with more realistic, active economies, some backed up by real-world currency (with the option to move that currency between the virtual and physical world), where items costing hundreds of real-world dollars sit unsold, unselling, unsellable for months and even years at a time. In these environments the Economy does matter. Here, not so much.
Can't find any more Unobtanium at your favorite station? Wait 15 minutes, there will be more. Rare goods are the closest thing we have to any actual economics, but only because of some strange behind-the-scenes code trickery that prevents more from being listed for you while you have your limit - and this does not stop someone else from buying their own limit - or either of you from giving those things to each other while the other rebuys their limit again.