The objectives of this paper are: (1) to contrast social and economic exchange assumptions, philosophies, reciprocities, valuation processes and problem‐solving behaviours for purposes of clarification of social and economic decision situations and as a step toward theoretical integration; (2) to present the position that exchange theory would be more useful in family research if economic and social exchange theories were more successfully integrated; (3) to request the continued co‐operation of family theorists in creating a theory which is useful in the interdependent social and economic domains of family life such as management; (4) to clarify the importance of this theoretical integration for more effective teaching and research in family resource managem