After going through this module on organizational and HR learning, a mining company executive argues that this perspective isrelevant to software and other knowledge businesses, but it ignores the fact that mining companies cannot relyon knowledge alone to stay in business. They also need physical capital (such as extracting and ore-processingequipment) and land (where the minerals are located). In fact, these two may be more important than whatemployees carry around in their heads. Evaluate the mining executive's comments.

"Organizational and HR theories should follow the contingency approach." Comment on the accuracy of this statement.