The social exchange theory is a comprehensive social-psychological discernment that tries to expound on the development, upholding, and cessation of social relationships by human beings (Cook et al., 2013). The fundamental principle that this theory is based on is that the feelings of people regarding a particular relationship or interaction are primarily based on the outcomes they perceive will be gained. Explicitly, the interaction's value is determined by the efforts and benefits the person projects will be achieved. When the benefits or rewards are projected to be high, and the efforts trifling, the individual feels good about the interaction and will remain in it and vice versa (Cook et al., 2013).
Social exchange theory, therefore, implies that human beings are incredibly self-centered and inevitably unbothered with equality. However, it is essential to note that the social exchange theory and relationship rewards are more complicated than an easy economic mockup representing rewards and costs. There are other complex features that play a massive role in determining if we have negative or positive feelings towards a relationship such as cost-benefit analysis, comparison level, and comparison level of alternatives (Guerrero et al., 2008).
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There are some merits that can be accrued from exercising this theory, but some disadvantages are associated with it. When individuals become reliant on one source for their rewards or benefits, they become dependent on that person, so if they decide to terminate the relationship, they are left frustrated. This theory raises a question on the extent to which people act rationally or analytically view things to determine their value or reward. It is highly likely that the social structure dictates the value of the compensation instead of the individuals. In a broad-spectrum, the theory oversimplifies human interactions (Mitchell et al., 2012).
References
Cook, K. S., Cheshire, C., Rice, E. R., & Nakagawa, S. (2013). Social exchange theory. In Handbook of social psychology (pp. 61-88). Springer, Dordrecht.
Guerrero, L. K., La Valley, A. G., & Farinelli, L. (2008). The experience and expression of anger, guilt, and sadness in marriage: An equity theory explanation. Journal of Social and Personal Relationships , 25 (5), 699-724.
Mitchell, M. S., Cropanzano, R. S., & Quisenberry, D. M. (2012). Social exchange theory, exchange resources, and interpersonal relationships: A modest resolution of theoretical difficulties. In Handbook of social resource theory (pp. 99-118). Springer, New York, NY.
