Human Capital Development (HCD), as a growing discipline, as such; borrows much from other fields of academia, in essence, is shorn of a conventional framework to be utilized practically. To that end, HCD is an applied discipline that necessitates a sound theory to accord it a contextual framework that will facilitate its application and discourse. We shall discourse to approaches in response to the implementation of Human Capital Development, namely, systems theory and psychological theory (Swanson, 2001). This paper will seek to discuss the inference of both systems theory and psychological theory in the application of Human Capital Development (HCD). To achieve such, the paper will represent the strengths (arguments in favor of) and weaknesses (criticism) of the use of a specific theory in HCD.