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The non-market-clearing approaches and the incomplete information theory are noted as new approaches positively dealing with unstability, settled in the mordern capitalism system, and uncertainty intrinsic behavior of the mordern economic agents. The non-market-clearing approaches put emphasis on the interrelationship between the economic agents and the market which is substantiated as spillover effect. Even under not-cleared market condition, advocates of this approaches note that trade takes place only if spillover effect functions in the market. Considering this they make use of quantity variables as adjusting ones and, further, assume that such variables go through adjusting process more rapidly than prices at least in short-run term. Resorting critically to the assumption that prices cannot respond very flexibly enough to clear market, this approaches however fail to present proper explanations for important questions, namly, why prices respond slowly compared with quantities what determines the formation of fixed prices on what reason the economic agents are subject to these prices. It is also noteworthy that this theory adopts implicitly the concept of information. The job-search model, in which the refined concept of information does a core role, might be viewed as whole as an attempt to present perfectly choice-theoretic profounding of the relationship between aggregate demand and supply. However, a negative appraisal can be also available to this theory because it is lacking of plausible explanation for the fundamental difficulty arising from the excess of price to get complete informations. Therefore, it might be concluded that both theories have defects respectively and some theoretical complement is still necessary. I would like to suggest that such complement can be found in the implicit contract theory, same aspects of which may be called innovational. It is innovational in the point that it illuminated the risk-mitigating inclination of laborers, an inclination that laborers seek ways to mitigate risk from unstable job market' to employers. Implicit contract adjustment implies that laborers are likely to endure same portion of unemployment while keeping wage rate at certain level. Thus it explains the rigidity of market wage rates and variable employment. It is a theoretical merit that it introduced institutional factors and analyze demand side' of labor market on the basis of such factors. As reviewed above there is certain possibility that a new generalized macro-economic theory might be produced through synthesizing the non-market-clearing approaches and the incomplete information theory. Hereupon, due consideration should be given to the following points. First, the implicit contract theory, so far as it shares common view in stressing rigid wage rates with Keynesian unemployment equilibrium theory can provide it with microeconomic base. Second, the non-market-clearing approaches include the concept of unemployment equilibrium of Patinkin s theory which focuses on integrating value theory and monetary theory, as well as that of disequilibrium of Clower s and Leijonhufvud's theory which intends to arrange micro-economic grounds for keynes economics. Meanwhile the job-search model provides micro-economic basis for unemployment and inflation theory the implicit contract theory for labor market theory. This these has reviewed and compared relative theories, however, unfortunately, could not present an alternative model to integrate strong points found in each of them. This challenging task and other omitted considerations cannot but be remained unsolved and, on the other hand, are open to further research.
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