I've always assumed that it replicates some original recipe perfectly, and that if you have it all the time it gets old. I read an essay once talking about how the Federation DOES have an economy, it's just that the main currency is novelty. The "rich" people in this future are the ones capable of chasing more novelty. Creators, explorers, scientists, etc. The "normies" have to make due with what this novelty-producing class "exports" to them via news feeds, replicators, vacation planets, holodecks, scientific advancement, etc. Oh to be a "poor" in the star trek universe.
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