ECONOMIC BALANCE AND INTEREST RATE RELATIONSHIP THROUGH THE PERPECTIVE OF SOCIAL EXCHANGE THEORY
Journal Title: JOEEP: Journal of Emerging Economies and Policy - Year 2018, Vol 3, Issue 2
Abstract
Without a doubt, the notion that the humanity should be seeking both on society and on an individual level is equilibrium or balance not the maximisation. While this concept exists within Yin Yang meanings of moderation and being sensible. As it is settled in with the teaching of level of balanced course in Islamic Societes, it just found its way by Social Exchange Theory in Western Culture which nourished with maximisation notion in general. In this sense, the fundamental point of this work is that the people who are making decisions in social exchange theory are the same people who are making economical decisions with the same physiological background. If the equilibrium turns out to be a necessary condition in exchange economy as it is in social exchange theory for sustainability, then this situation leads us to question the role of interest in economic exchanges. This study will first analyse the importance of equilibrium within the theory and the relationship of this term with the fairness feeling in human being, then with the contribution of current literature, it will seek an answer for the question of whether interest cause a balance or imbalance in the economic system through the window of Social Exchange Theory and lastly it will examine whether the disadvanteges that occur in Social perspective can be applied to economics or not. The purpose of this study is to reveal the effects of balance or imbalance to the economy by building a bridge between the social exchange theory and behavioral economics again within the limits of social exchange theory.
Authors and Affiliations
Cemaleddin Gülenay
Keywords
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