Defined as the interrelation between, on the one hand, work, its conte
nt, organization and conditions and, on the other, the labor force, it
s qualifications, training and management, the ''system of work'' has
undergone a crisis over the last two decades. To what extent can theor
ies of regulation and contractualization account for the changes that
have occurred? The concepts developed by these theories restrict them
to, respectively, macro- and microeconomics. Combining these two appro
aches also raises problems. The suggestion is made to heed, instead, A
merican institutionalist economists. In their program of research, inf
ormal and formal institutions can be linked when analyzing the wage-ea
rning relationship and changes in it.