In this paper we develop a new theory to evaluate the nucleation rate in the framework of the EMLD-DNT model. Beyond the model, our theory deals with cluster translation and exclusion, effects that have been virtually ignored in classical nucleation theory. We apply the model to the case of 1-pentanol, and compare the predictions with experimental results. We find an excellent agreement between the nucleation rate predicted by our theory and experimental data. The distinguishing feature of the model is its ability to predict successfully the rate of formation of the critical nucleus without the use of an intermolecular potential, employing only macroscopic thermodynamic properties.