The Social Exchange Theory is a broad concept that focuses on different disciplines and should be understood as a family of conceptual models, rather than a single theory (Cropanzano et al., 2005, p. 479).  Perceived benefit and perceived cost are fundamental to the theory (Thomas & Iding, 2011, p. 2). Overall, the theory is a relevant and flexible tool for explaining how relationships form, evolve, and sometimes breakdown. 

George Homans focused on the individualistic view that places an individual's wants and desires at the center of social action. Claude Levi-Strauss emphasized a collectivistic view that social action gains prominence if they contribute to the existence of society (Cole et al., 2002, p. 145).