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Some proponents of social exchange theory include Peter Blau and Richard Emerson. Blau's work focused on the dynamics of social exchange within formal organizations, while Emerson emphasized the importance of interdependence in relationships. Both scholars contributed to the development and popularization of social exchange theory in sociology.
The social exchange theory does not have a single equation. However, a common concept in the theory is the idea of comparing the rewards and costs of a relationship to determine whether to continue or terminate it. This assessment is influenced by factors such as perceived benefits, alternatives, and the equity of the exchange.
A subtheory (sub-theory) is a theory which is based upon, or largely contained within, a larger theory. For instance, in my own field of sociology, value conflict theory might be considered a subtheory of conflict theory. Similarly, social exchange theory is a subtheory of social behaviorism.
Social Contact Theory
The difference between these theories is that the Equity theory basically states that you get from a relationship what you put in to it and the social exchange theory is about getting everything you can from a relationship with out giving back.
Social exchange theory is a concept in sociology that views interactions between individuals as a kind of social transaction where people weigh the potential costs and benefits of their actions. It suggests that individuals will engage in relationships that provide them with rewards and minimize costs, leading to the development of mutually beneficial relationships.
The social contract theory proposes that individuals give up some freedoms to a government or authority in exchange for protection and order. This theory suggests that the legitimacy of a state's power comes from the consent of the governed.
The exchange principle was developed by George Homans, an American sociologist, in the mid-20th century. It is a key concept in social exchange theory, which states that social behavior is the result of individuals seeking to maximize rewards and minimize costs in their interactions with others.
According to social exchange theory, altruistic behavior is guided by the expectation of receiving rewards or benefits, either tangible or psychological, in return for helping others. This theory posits that individuals engage in altruistic behavior when they calculate that the benefits of helping outweigh the costs, leading to a perceived gain in the long run.
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The social exchange theory is closely associated with the concept of kinship. This theory suggests that individuals maintain relationships based on the exchange of goods, services, or emotions and that kinship ties provide a framework for understanding these exchanges within families and communities.
The social contract theory argues that individuals give up some of their freedoms and follow societal rules in exchange for protection and the benefits of living in a community. This theory suggests that there is an implicit agreement among members of a society to abide by rules for the greater good of all.