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In a real-world, labor market consist of employer and employee, and these individuals form relationship through mutual interactions. This paper mainly focuses on development of multi-agent based evolutionary labor market by using co-evolutionary computation and game theory. Co-evolutionary computation is used to define strategy of each agent dynamically, and game theory is used for modeling relationship between employee and employer. Gift exchange game is selected as game model regard to feature of proposed labor market framework. Various experiments were performed, and we analyzed the variation of interactions between employee and employer. Through the experimental result, we concluded that balanced power between employee and employer is important factor in maintenance and extension of labor market.