The Segmented Labor Market (SLM) approach is typically identified with a group of economists who stand against the neoclassical approach and can be traced back to the works of John S. Mill. The institutions, not the demand itself, are emphasized as the principal role in the decision of wages. From then on, SLM approach, accompanied with neoclassical approach, keeps pace with times and Institutionalism School and NeoInstitutionalism School also concerned with the segmentation of labor markets. Due to the multiple dimensions of institutions and social stratification, SLM approach does not have a universal theoretical frame and contains many schools, such as dual labor markets theory, radical approach and job competition theory.