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In the past, study of labour was highly descriptive, stressing historical developments, facts, institutions and legal considerations. Labour markets and unemployment was accorded some attention, but the analysis was typically minimal. This state of affairs has changed significantly in recent decades. Economists have achieved important breakthroughs in studying labour markets and problems. Labour economics is increasingly an applied field of micro and macro theory and has become a critical part of the core of analytical economics. As a result, the focus of this book is on the "new" labour economics, although it also presents traditional topics such as labour law, structure of unions and collective bargaining, since these issues also play an important role in labour markets.