Abstract
Human Capital Development implies the acquisition of knowledge and intellectual stock through the means of education, for expansion of productivity, efficiency, performance and output. Human Capital Development Theory is applicable at every level of human setting and human organization: individual level, family level, community level, organization level, national level and international level. Therefore the theories can be used in interdisciplinary approach-involving two or more academic disciplines. On account of the importance of Human Capital Development Theory, this article reviewed the theory of Human Capital Development and various models underpinning it; with the aim of highlighting the relevance of Human Capital Theory in Human Resource Development as well as the models of Human Capital Development. The summary of the implication of human capital development theory emphasizes the more, the vitality of it to economic improvement and advancement of individuals and organizations.
Highlights
Theory in the field of Human and social science has been of vital used in giving explanations and directions to concepts and phenomena contending with the survival of human race in the social and economic context (Sayer, 1992)
Development interventions in HRD is based on the model of HCD (Human Capital Development); that is increasing the intellectual stock of an individual for the purpose of increased capacity, performance and outputs and in the ultimate increasing the economic income of the individual or the organization in terms of income and yield
Human Capital Development Theory has been of classical importance and many economists have taken to the course of seeing vital economic points through the lenses Human Capital Development Theory
Summary
Theory in the field of Human and social science has been of vital used in giving explanations and directions to concepts and phenomena contending with the survival of human race in the social and economic context (Sayer, 1992). Development interventions in HRD is based on the model of HCD (Human Capital Development); that is increasing the intellectual stock of an individual for the purpose of increased capacity, performance and outputs and in the ultimate increasing the economic income of the individual or the organization in terms of income and yield. The antecedents of Human Capital Development theory are mainly education and its various forms; and the consequent is development in terms of increased ability, increased performance and increased productivity. Human Capital Development Theory is beneficial and important in preferring explanations on the mechanics of increased economic benefits, outputs, performance and increased capacity as a result of accumulation of intellectual stocks. Organizational groupings of mankind such as community groupings, national groupings business organization groupings, have always existed for economic benefits and for their existences
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