Social Exchange Theory, Essay Example

The social exchange theory is a perspective used in sociology and social psychology that states that uses the language of economics to explain social change. Emerson (1976) argues that it is not a theory at all, but a frame of reference through which many different theories “speak to one another, whether in argument or in mutual support” (p. 336). This perspective seeks to understand stability and social change as a negotiated exchange between individuals wherein the respective parties take into account the benefits of an exchange while comparing the cost and possible outcome. This exchange can involve both goods and less tangible elements such as social approval (Emerson, 1976).  The social exchange theory can be applied in any situation where a relationship can be understood as a voluntary interaction in which each party’s behavior is based on the expectation that resources will be exchanged (Emerson, 1976).  From a sociological standpoint, this approach is useful when trying to understand the actions of both individuals and groups. For example, the informal behaviors of individuals when faced with external pressure from larger groups can be viewed through the lens of social exchange wherein, as Emerson points out, peer-group status can be “examined through supply curves and the law of diminishing returns” (1976, p. 336). According to this theory, relationships are formed and maintained based upon the availability of other possible relationships, thus a woman may stay in an unhappy relationship because she hasn’t encountered any potential partners who make for a good alternative.   Emerson suggests that the value of this framework lies in its ability to illustrate the “movement of valued things (resources) through social process” (1976, p.359) and has applications in all sectors of society, including advertising, social psychology, and marketing.

References

Emerson, R.M. (1976). Social exchange theory. Annual Review of Sociology, 2, 335-362. Retrieved from http://www.jstor.org/stable/2946096