earticle

영어

Relation exchange is the most fundamental mode of human behavior. Human beings arrive at decision making only when being assisted by the actions of trust exchange which is built on human relations. If results are satisfying, trust relations sustain. Otherwise, trust relation changes. As such, trust relation becomes an expression of‘satisficing’behavior (H. Simon 1956). Naturally, relation exchange reveals the attribute of path dependence, which bears the implication that relation exchange is more fundamental action than value exchange in the market. Relation exchange economics (RXE) highlight the human behavior of relation exchange and open gateway to a new approach of economics which is drawn out by reshaping economics with the incorporation of relation exchange activities in traditional behavior. The new dimension, which is unfold by RXE, is awesome. Our understanding of market faces total change. Market becomes the composite of institutions and cumulative factors like capitals, technology, etc. which are governed and operated by entrepreneurs who come up with business models. The analysis of economics becomes stretched introspectively to the fields of social sciences like law, policy science and humanities like philosophy and history. Moreover, the activities of relation exchange, e. g. trust, friendship, family love, colleagueship, etc., become included in economic activities, which expand external encompassment of economy. Puzzles of economics, say Say’s law vs. Keynesian economics, encounter the conjuncture where new momentum builds for the clue to resolution.