Human development index literacy as a new social development theory

Abstract

This article reviews the four major theories of development by which the advancement of the modern world has been explained since Adam Smith's The wealth of nations; these major theories include the classical economic theory, the neoclassical economic theory, the Index of Sustainable Economic Welfare theory and the Human Development Index theory. It traces the story of each of the theories and reveals that the Index of Sustainable Economic Welfare and Human Development Index are now accepted as better theories of development. However, the Index of Sustainable Economic Welfare and Human Development Index theories have been found here to be deficient in participatory attributes and not to promote the exploration and use of indigenous knowledge in the process of development planning and implementation. Consequently, this article proposes the Human Development Index Literacy Theory of social development as a new and alternative development theory that is not only human-centred but also participatory in its approach to development planning and execution.