This working paper attempts to look behind and beyond the various formal assumptions, e. g., the surplus labor theory and the limitations of traditional values, which formed the basis of the economic development agenda pursued the world over for the last five decades. There were some assumptions made then that were not recognized as such. Unfortunately, their ramifications have not been benign or beneficial. So, it is critical to identify them and understand their role in the general failure of this much-flaunted agenda. Perhaps this clarification will allow for a more efficient route to economic development in the future.