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This article reviews definitions of 'Human Capital Theory' by leading economists and HRD scholars. The origin of the term 'capital' is explained, and the link between Human Capital Theory and HRD is discussed. It is argued in the article that HRD scholars and practitioners should explore further the link between human capital, HRD and development at individual, organizational, community and international levels.
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Nafukho et al. (2004) studied this question.
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