Maybe this post goes a bit astray, but while on the individual level the dwarfs are automated fine, the group level behavior needs lots of micromanagement.
A real economy needs a dynamic value for everything. Even land. And it needs transactions of value. The dwarfs have needs and consume, they are product sinks, this part is fine. But the offer side has potential for improvement. For example when the dwarfs need mugs and one of them can produce mugs, he should be eager to chop down a tree or two and build a workshop (or let a builder dwarf do it) and start delivering mugs. Without any order from the player. On his own bill and for his own profit. When half the population loves cows for their haunting moos, someone should deliver masses of cow statues. Also, every individual dwarf should be able to trade with outside traders. On a best bet wins basis. Yes, there would be disorder, free surface land would look like a ragtag wild west colonial town after a few migrant waves, there would be beggars and frauds and property based tantrum spirals and the poor would join the army for free food and booze. And still it were much more efficient than the military command economy we have now. And more hillarious, when the dwarfs eff it up once again. But implementing this would take a helload of work.
On base of the current system, I mostly concentrate on heavy industries. Miners, smelters and forges. As many as possible. Turning the colony into a legendary death trap fortress takes a lot of steel.