p.336 In setting goals for this critique of social exchange theory, we must understand that it is not a theory at all. It is a frame of reference within which many theories - some micro and some more macro - can speak to one another, whether in argument or in mutual support. The scope condition for the exchange frame of reference has been most simply defined by Blau (1964a): "Social exchange as here conceived is limited to actions that are contingent on rewarding reactions from others." Implied is a two-sided, mutually contingent, and mutually rewarding process involving "transactions" or simply "exchange."

p.337 In this paper I first examine what I think are the central concepts and some of the main research topics within the exchange frame of reference. Special attention is given to major controversies... a partial resolution: explicit adoption of the social relation rather than either persons or actions, as the unit of analysis.

p.345 Much of the controversy about rationality, tautology and reductionism is easily resolved. It only requires that we adopt explicitly the social exchange relation as the basic unit of analysis... it seems essential that we take the social relation as an integral observational and conceptual unit. It is my contention that the above confusion concerning the issues of rationality, tautology, and reductionism springs directly from a failure to honor the integrity of the social relation as a unit of analysis.

p.346 As Firth (1967:4) has put it:

There is in social anthropology an understandable view that it is the social relation which is primary, which dictates the content and form of the transaction.

A material transaction is usually a momentary episode in a continuous social relation. The social relation exerts governance: the flow of goods is constrained by, is part of, a status etiquette.

p.347 I have postponed a review of basic concepts in order to establish the relation as the unit of analysis. We may now examine basic concepts with the explicit understanding that most of them are employed as analytic tools within such exchange relations.

p.359 "Exchange theory" is not to be taken as a theory. Rather, it is a frame of reference that takes the movement of valued things (resources) through social process as its focus... a resource will continue to flow only if there is a valued return contingent upon it... economists simply call this reciprocally contingent flow exchange... I recommend that... exchange relations... be consciously employed as the unit of analysis.
 With such a unit it is then possible to deal developmentally with structures of continuing interaction between parties... and networks involving many actors... I like to think of social exchange theory as developing the conceptual tools needed...exchange relations and network structures... to deal with exactly those topics that economics theory has trouble with: market imperfections.