Their Majesty, Exchange
The social exchange theory and business strategy
Imagine you’re working on an important report. Or you’re cycling in a park with your children. Or you’re drinking coffee in the morning. Or you’re sleeping, driving a car, or reading a book.
What do all these and all the rest activities you engage in throughout your lifetime have in common? They all involve exchange.
You exchange some assets you have for values you would like to have.
When you sleep or eat, you exchange your time (asset) for energy (value).
When you learn or read books, you ‘sell’ your time and energy (assets) for knowledge (value).
When you work, you trade your time and energy for money, satisfaction, and career opportunities – if you’re lucky.
And when you chat with your friends, watch a movie, or spend time with your loved ones, you also exchange your time for emotions, the feeling of acceptance, love, warmth, and many other things.
There is a scientific concept behind this idea, it’s called Social exchange theory. It, among other things, ar…