5. labor market conditions We usually have difficulty writing long term contracts. Suppose a manager is known

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5. labor market conditions We usually have difficulty writing long term contracts. Suppose a manager is known to the labor market and has a reputation (good or bad). The employer cannot write an iron-clad long-term contract,

and instead the parties periodically renegotiate, with knowledge of the manager’s then current market value. How do the market forces help and how do they impede the structuring of a well-functioning employment relationship?

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