KEYWORDS: Leisure theory, social exchange Studying leisure has been the subject of interest by a wide range of scholars representing a wide range of disciplines. In so doing, these scholars have largely used leisure instrumentally as means to test some aspect of their own discipline such as psychological, sociological, or economic concepts. Over the last couple of decades there has been a sustained number (and occasional decline) in university departments dedicated to the study of leisure and to various applications in leisure services. There has been a corresponding number of researchers who have, as their primary interest, the study of leisure and leisure services. While this is a relatively short period of time in the context of knowledge development, it is nonetheless interesting that as a field of study that asserts through accreditation and professional certification processes to have its own body of knowledge, there has been a paucity of theory development. For those of us whose principal identity is with leisure research, we cannot point to many theories that seek to explain leisure behavior, leisure services management, or various other dimensions of leisure services. We do not have a many theories that address the various dimensions of leisure including motivations, satisfactions, constraints, etc. What we do have is a large body of literature that has borrowed theories from other, more established disciplines, to test them and then apply them to understanding leisure phenomena. While this is not intended as a diatribe about the lack of theory, it is intended to raise the question about what the field of study seeks to become in the next century. This effort is directed at outlining the importance of theory development for the health of the field, for the enrichment of our professionals who serve the public, and for strengthening our place among the larger academic community. To do so, I must borrow a theory from social psychology and sociology. Using Social Exchange Theory (c.f., Homans, 1950; Blau, 1964; Emerson, 1972a, 197b; Cook, 1987), I hope to present an argument that will have us address the question of our role in theory development in a more meaningful and systematic fashion. This is an important issue for the field to address as we enter the new millennium and prepare for changes in lifestyles that will have dramatic and important implications for the field of leisure. Briefly stated, Exchange Theory posits that (a) individuals enter into relationships seeking some reward; (b) relationships are sustained over time if the rewards are valued and continue to evolve; (c) individuals will continue in the relationship if the other party reciprocates and provides rewards that are deemed fair in relation to others; (d) the costs of the relationship do not exceed the benefits; and (e) the probability of receiving desired rewards is high. In addition, there is a tenet of social exchange theory that states the relationship does not sustain when one party to the relationship in is a power dependent position. In a recent article, Samdahl and Kelly (1999) reported low rates of leisure research (from leisure research journals) being cited in non-leisure related journals despite the large number of articles dealing with leisure in those journals. They also note that they perceive an increasing isolation of leisure research from the broader body of literature in other disciplines that study aspects of leisure. One explanation may be that other scholars do not perceive the value of our work to offer them. It could also suggest we do a poor job of ensuring our journals are included in important humanities, social and behavioral science databases. It may, however, speak to the need for leisure researchers to develop something to test, to help understand, to contribute to the meaning of leisure phenomena. Indeed it may be some of all of these things. However, even if we are included in data bases (and I believe we frequently are) it leaves only the possibility that our work is not substantively important in the broader context or because we have conducted our work only in the context of others theories, we are at best, just another empirical piece to cite for someone doing work in a particular area. …