Microeconomic and Macroeconomic Consideration of General Equilibrium Models, as Tools for the Socio-Economic Policy and Progress

Argyrios D. Kolokontes
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Argyrios D. Kolokontes: Department of Agriculture, University of Western Macedonia, Greece

Economic Alternatives, 2026, issue 2, 647-673

Abstract: The social accounting matrices and the general equilibrium models integrate the microeconomic function of markets, composing macroeconomic outcomes. The level of state intervention does not impede the formation of macroeconomic balances. Sometimes, the scientific literature restricts the real capabilities of these models as planning tools by various commitments. Notwithstanding, in action, these tools have gained widespread acceptance, since all the socio-economic systems have used them for planning. This paper advocates that the general equilibrium models are not tools for the profits’ maximization, but primarily they are tools for a gradual and perpetual holistic restructuring of productive networks, aiming the social felicity and happiness. A more meticulous glance in the thought of W. Leontief reveals and highlights the role of input-output analysis as a tool of social political economy and progress.

Keywords: input-output analysis; Social accounting matrices; general equilibrium models; social political economy; progress; happiness. (search for similar items in EconPapers)
JEL-codes: D60 E61 I31 O11 P11 (search for similar items in EconPapers)
Date: 2026
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