INFORMATIONSPROBLEME DES ARBEITSMARKTES

Harald Gerfin

Kyklos, 1982, vol. 35, issue 3, 398-429

Abstract: This article critically reviews the development and present state of information theory in labor markets. Since the first generation of the new microeconomics, important progress has been made. However, a compact theory including both the various forms of information problems and the associated behavioral reactions still does not exist. Much work remains to be done in order to achieve a general and comprehensive foundation of macroeconomics. Moreover, application of such models to reality is not possible because there are no conclusive empirical tests. The strict neoclassical approach used in these models must be regarded as their principle weakness. The more reality differs from neoclassical assumptions, the more important is the — complementary — macro foundation of micro economics. This should include the analysis of collective decisions on the macro level and their effect on the individual market participant. Finally, some recent empirical and theoretical ideas are presented.

Date: 1982
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