Abstract:
The main purpose of this article is to contribute to a systematic exposition of some of the equilibrium unemployment theories: the theories of implicit contracts, those of efficiency wage and the negotiation theories. Our hypothesis is that in spite of the fact that these new theoretical approaches had been developed in a continuum in respect of the traditional microeconomic labor market theories, their implications and policy making prescriptions include some important advances. Another objective of this article is to contribute to the understanding of how the equilibrium unemployment theories were constructed from relaxing some restrictive hypothesis of traditional microeconomic labor market theories. Finally, we try to present some of the contributions and limits of these theories to the explanation of the unemployment phenomenon.
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