Well, personally, I think any game should have roughly three economic models to choose from. Subsitence, sustainable, and growth.
Subsistence should be militaristic and conquest-driven. They don't make what they need, they take it from others. They'd depend less on controlling worlds and more on raiding them repeatedly. They get bonuses by the number of uncolonized worlds in their territory.
Sustainable should be something that gets bonuses for not spreading out. They use less than anyone else, but they waste almost nothing. The only real difference between these and Growth is the Sustainables have higher colonization prereqs, and lose their bonuses if they exceed certain colony-to-territory ratios.
Growth are expansive colonists, always moving to a new world to drain dry, possibly nomadic. They get bonuses for having lots of colonies.
In any case, colonization and raiding potential should be determined by sphere of influence. If a world falls within your territory and you meet the requirements to colonize or raid it, then you do. No more build ship, send ship, lose ship. Just make sure the prerequisites and benefits even out between all three models. The same would be true of trade ships and the like, just farther out than your own territory. Perhaps colonization/raiding would be farther out as well rather than just your territory. Regardless, they wouldn't be individual actions anymore.
Now how to do all this? Money doesn't make anything. Money compensates for the production process, but by itself money is less than useless. Production is what matters. If you have no heavy industry, and no supplier of goods and services from which to import, then your money means jack. "rushing" production by buying the item has always irritated me in games. NOTHING ever works that way, period. With consumer goods, maybe...but not with big projects like a new factory, a new ship, or major infrastructure. The idea of "buying" something major like that is usually an abstracted idea that someone was already building it and rather than wait for yours to be done, you buy theirs and give them yours and pay the difference. This is preposterous with regard to social infrastructure or other mega structures such as starships. No one is just building one for the fun of it and waiting to see if they can sell it. No, they start building it AFTER someone has already agreed to pay for it and made themselves contractually bound to pay up when it's done.
So if not money, then what? It can't just be pure production?
Simple...energy. What is our economy right now truly dependent on? Energy. That's why fossil fuels are so outrageously profitable right now, and why their sellers are desperate to impede any worthwhile research into viable strategies for renewable energy. As such, "economic" improvements if they exist at all should boost everything but energy. Other improvements would boost individual stats such as production, food, research, etc.
Now, I'm not really proposing a radically different system. Imagine instead what galciv2 would be like if all the economic improvements were called power plants (removing the production bonus power plants), and the credits were all energy units. Now you have all these ways of generating power, and all these expenditures use up that power...just like in real life.
So how does production fit into all this? Caps. How much energy can you spend to research a tech or build a ship? The answer is, however much the facility can use or however much of a surplus you can generate each turn, whichever is lower. If your factory can use 100 units of energy per turn, and the ship you're building costs a total of 1,000 units of energy, then your one factory can build that ship in 10 turns, of course. That is assuming your budget has that much energy to spare each turn.
I think the biggest blunder of the galciv2 economy is the nature of the sliders. In fact, it's such a nonsensical blunder that I'm not even going to go into it. What they should've done is make the main slider determine how much of your income is spent on all production. The sub-sliders should then determine how that amount gets divided between each production type. That's that. After that, it's the improvements themselves that determine how much production is done based on the spending. If you set the sliders so that your factories get 100 energy per turn, then they'll build the ship in 10 turns. If you set the sliders so that they get less than that, it'll take longer. Simple, clean, intuitive, effective.
As for the "treasury", it's not unreasonable to conclude that a major factor in finally joining the interstellar community is the technology to store large quantities of energy indefinitely. That said, this should be capped, perhaps that can be the "economic" improvement instead...the storage facilities. The more of them you have at higher techs, the bigger your treasury can be. If you fill up, anything left over is completely wasted. That should put a damper on those who go full-tilt econ and "rush" all production at all times with a giant treasury buffer for emergencies.
Speaking of "rushing" production. It can be allowed, to a point. You can "buy" 50% of the item's total cost (no matter how far along production is), at an energy price equal to double the entire cost of the item. You dump more energy into the factory (or whatever) to run at full capacity 24/7. This can only be done once per item in the queue. I can hear you saying "but what if we get attacked and we need a ship to defend with in a hurry?" To which my response is, tough crap, I guess you should've defended your world better from the start, huh? Bad stuff happens suddenly, and there are only two viable options to deal with it. Prepare for contingencies in advance, or suck it up and hope you can rebuild afterward. That's the nature of the real game.
One last thing about energy. Some worlds have environments that are conducive to producing natural gasses like methane and such, while life-bearing worlds will almost always have large fossil fuel reserves. These should be accounted for with energy bonuses on planets. They should also come with an appropriate permanent decrease in base planet quality due to pollution.
Holy crap that's long. Sorry people.