[2023] Without Bind on Pickup..

Correct me if I'm wrong, but I believe it's said that Bind on Pickup for gear is not a thing in AoC.
So that means the gear you wore can be worn again by someone else.

I haven't played games like this before, I have questions.
- Doesn't it destroy the economy if gear can circle around forever?
- Gear can be broken, but also repaired? If so, how does that relate to the question above.
- Has Intrepid mentioned anything about how this will work?

They (we) want crafting to really mean something, so I wonder, how is this problem solved.