Peter blau social exchange theory

Generalization theory explaining social behaviour regarding society and economics

Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits.

The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value.^[1] Social exchange theory suggests that these calculations occur in a variety of relationships, from romantic relationships and friendships to professional relationships, and even in ephemeral interactions, such as exchanging words with a customer at the cash register.^[2] Social exchange theory says that if the costs of the relationship are higher than the rewards, such as if a lot of effort or money were put into a relationship and not reciprocated, then the relationship may be terminated or abandoned.^[3]

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