What were the main arguments of human capital theory?

Also, find out what the fundamental assumptions of the human capital theory.

The basic metaphysical assumptions of the Orthodox Economics Research Programme are inherited by the Human Capital Theory. These assumptions are Individualism and Rationality, Private Property Rights, Market economy, and Rationality (Glass and Johnson 1988).

Who is the creator of human capital theory, other than Adam Smith? Adam Smith, in the 18th century, is the person who first proposed human capital. Gary Becker, an economist from The University of Chicago, Jacob Mincer and Theodore Schultz, popularized the modern theory.

This being said, what is the theory behind human capital?

Human Capital Theory is the sum of all the skills, knowledge, and personal attributes that are capable of creating intrinsic and measurable economic value. Human Capital Theory sees individuals and humans as economic units that create their own economy.

This is a criticism against the human capital model.

Methodological Criticisms. The neoclassical economic model focuses only on two core paradigms that it attempts to explain socio-economic phenomena: rational choice theory and methodological individualism.