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In this article, the author examines the human capital theory and suggests that it is flawed. He argues that educational practices based on this theory are unlikely to alleviate social inequities because of its ominous pedagogical implications. He begins by providing an overview of the human capital theory by tracing its origins and early development and providing an outline of its application to national educational policies. He then analyses the theory's assumptions about human and social behaviour and discusses the pedagogical implications of the theory. He concludes that the theory treats humans as lone wolves and urges adult educators to discredit the theory and help promote more socially responsible alternatives.