Social capital concepts and theories have brought about an evolution of thinking in the field of economics and expanded the boundaries that traditionally separated economics and other social science disciplines. Traditional (e.g., neoclassical) economics with its relatively undersocialized view of human nature—where individuals are seen as autonomous, rational decision makers—has had to develop new ways of understanding how “the social” influences affect economic behavior. Much of the theorizing around social capital has actually evolved from disciplines outside of economics, which has led to a truly multidisciplinary and evolving theoretical base. This article examines the most highly cited social capital theories, identifies their economic foundations, and analyzes how economic theories have been incorporated into the development of alternative social capital theories. It is then examine how heterodox economics might potentially influence HRD and suggest that a more nuanced understanding of the theoretical foundations of social capital will generate better and more diverse HRD theories and practices.
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