A critique of human capital theory from an HRD perspective

Abstract

          While much has been written about human capital theory (HCT), including critiques of the theory, and while many countries, especially those in Asia, are highlighting their human capital policies, a critique of HCT has seldom been addressed from an HRD perspective. This article addresses the strengths and weaknesses of HCT, with weaknesses outnumbering strengths. As a result, the emphasis on HCT that is found in much of the HRD literature, especially as a foundation for HRD, may be poorly placed. Implications of this critique for HRD are offered.