Slave bosom theories of various models of correlated fermions are crit
ically reviewed and several new results are presented. In the example
of the Anderson impurity model the limitations of slave boson mean fie
ld theory are discussed. Self-consistent conserving approximations are
compared with results obtained from the numerical renormalization gro
up. The gauge field theory of the t-J-model is considered in the quasi
static approximation. It is shown that weak localization effects can g
ive valuable information on the existence of gauge fields. Application
s of the slave-boson approach due to Kotliar tliar and Ruckenstein to
the Hubbard model are also discussed.