Knowledge Globalization Conference, 13th International Knowledge Globalization Confernece 2018

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A Critical Perspective on Human Capital Theory: Implication for National HRD

Hasanuzzaman Tushar, Md Abdus Salam, Mst. Shumshunnahar

Last modified: 2018-01-09


This literature review focuses on the theory of human capital, and it links with the research and practice of National Human Resource Development (NHRD) area. This paper tries to make a summary of the theory and find out the origin and related studies in which the theory has been applied including the field of NHRD. The purpose of this paper is to explore selected literature from various leading journals and books regarding the theory of human capital in order to know different perspectives in various contexts and its implication for NHRD. The systematic literature review process was conducted by utilizing different databases through snowball technique and a list of keywords also used during the search process. The findings indicated that the theory of human capital cannot be generalized in all contexts, where it depends on individual, culture, organization and national policy. In the discussion part, the researchers critically examine the theory by emphasizing both pros and cons and the relationship between human capital theory, HRD, and NHRD was discussed. The application of this theory in the context of Bangladesh was also discussed and recommended further research area.