Abstract:
‘Human Capital’ (HC) is being widely used in different fields: economics,
human resource development, and national planning with different
meanings in different fields. Seemingly, the term has, in some instances,
been misused in the literature and in the practice. In such a context, it is
worthwhile to investigate into the development of HC theory. This study has
been dedicated to elaborate the evolution of human capital investment
theory, the content of HC, the proxies of HC, the benefits of human capital
investment, the causes of human capital investment, and the limits of human
capital investment theory. This study, hence paves the way for positioning
human capital investments theory in the literature and to strategies HC
development practices consciously rather approaching to it with gut feeling.
