The purpose of this paper is to draw on the research and scholarly literature to explorethe changing discourses and perspectives concerning adult learning, education, and thelabour market in the employability regime. The focus of the nalysis is a Nordic context.The dominant employability regime maintains a technical-rational perspective onlearning and employability. Education is predominantly regarded as an instrumentalpreparation for the labour market. The future demands of the labour market are largelyunknown, however, and vocational and professional training may not provide sufficientpreparation for the increasing complexities of work. Theoretical discussions have beendominated by an alleged mismatch between individual competence and thequalifications that are required in the world of work. There is no consensus regardinghow the gap should be described, explained, or bridged. New demands on educationaldesign have emerged, and ideas related to liberal education and ‘bildung’ have beenreinserted into the political agenda, offering general preparation for a wider array ofchallenges.