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The Philosophy of Sufficiency Economy: a contribution to the theory of development

Author

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  • Prasopchoke Mongsawad

    (School of Development Economics, National Institute of Development Administration (NIDA))

Abstract

The King of Thailand’s philosophy of sufficiency economy highlights a balanced way of living. Three principles—moderation, reasonableness, and self-immunity—along with the conditions of morality and knowledge can be applied to any level of the society—from an individual to a country. This article proposes that the philosophy of sufficiency economy conveys new theory in addressing current development challenges, which are issues of institutions, human capital, environmental sustainability and the role of government. The philosophy of sufficiency economy, as a new paradigm of development, aims at improving human well-being as a development goal. in the management of MPAs.

Suggested Citation

  • Prasopchoke Mongsawad, 2010. "The Philosophy of Sufficiency Economy: a contribution to the theory of development," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 17(1), pages 123-143, June.
    • Handle: RePEc:unt:jnapdj:v:17:y:2010:i:1:p:123-143
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    References listed on IDEAS

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    Cited by:

    1. Sid Suntrayuth, 2018. "The Sufficiency Economy Philosophy and Small and Medium-sized Enterprises in Thailand," International Review of Management and Marketing, Econjournals, vol. 8(2), pages 33-39.
    2. Lucia Piani & Laura Pagani & Giulio Ellero & Maria Chiara Zanarotti, 2019. "Empirical Evaluation of Vocation to Solidarity Economy Using Composite Indicators," Sustainability, MDPI, vol. 11(14), pages 1-15, July.
    3. Pavel Yermalovich, 2020. "Determining the Probability of Cyberattacks," European Journal of Engineering and Formal Sciences Articles, European Center for Science Education and Research, vol. 4, January -.
    4. Prasopchoke Mongsawad & Nattapong Thongpakde, 2016. "Sufficiency Economy Philosophy: A Holistic Approach to Economic Development and Mainstream Economic Thought," Asian Social Science, Canadian Center of Science and Education, vol. 12(7), pages 136-136, July.
    5. Siviwe Mhlana & Rachel Moussié & Sally Roever & Michael Rogan, 2023. "Informal employment: what is missing from national economic recovery plans?," WIDER Working Paper Series wp-2023-92, World Institute for Development Economic Research (UNU-WIDER).
    6. Hermann Waibel & Ulrike Grote & Shi Min & Trung Thanh Nguyen & Suwanna Praneetvatakul, 2020. "COVID-19 in the Greater Mekong Subregion: how resilient are rural households?," Food Security: The Science, Sociology and Economics of Food Production and Access to Food, Springer;The International Society for Plant Pathology, vol. 12(4), pages 779-782, August.
    7. Hee-Chan Song, 2024. "The war on drugs: how multi-stakeholder partnerships contribute to sustainable development in the Golden Triangle region," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(5), pages 593-615, July.
    8. Suwongrat Papangkorn & Pattanaporn Chatjuthamard & Sirimon Treepongkaruna, 2022. "Sustainable development and firm performance: Evidence from Thailand's sufficiency economy philosophy," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(5), pages 1030-1043, October.
    9. Hee‐Chan Song, 2020. "Sufficiency economy philosophy: Buddhism‐based sustainability framework in Thailand," Business Strategy and the Environment, Wiley Blackwell, vol. 29(8), pages 2995-3005, December.
    10. Murtaza Haider & Randall Shannon & George P. Moschis, 2022. "Sustainable Consumption Research and the Role of Marketing: A Review of the Literature (1976–2021)," Sustainability, MDPI, vol. 14(7), pages 1-36, March.
    11. Piyapong Janmaimool & Chaweewan Denpaiboon, 2016. "Rural Villagers’ Quality of Life Improvement by Economic Self-Reliance Practices and Trust in the Philosophy of Sufficiency Economy," Societies, MDPI, vol. 6(3), pages 1-20, August.
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    More about this item

    Keywords

    Philosophy Sufficiency Economy; Development; Sustainable Development; Social Capital; Human Well-Being;
    All these keywords.

    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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