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What is “Sufficiency Economy” ?

Sufficiency Economy is a philosophy bestowed by His Majesty the King to his subjects through royal remarks on many occasions over the past three decades. The philosophy provides guidance on appropriate conduct covering numerous aspects of life.

After the economic crisis in 1997. His Majesty reiterated and expanded on the “Sufficiency Economy” in remarks made in December 1997 and 1998. The philosophy points the way for recovery that will lead to a more resilient and sustainable economy, better able to meet the challenges arising from globalization and other changes.

Philosophy of the “Sufficiency Economy”

“Sufficiency Economy”  is a philosophy that stresses the middle path as the overriding principle for appropriate conduct and way of life by the populace at all levels.

This applies to conduct and way of life at the level of individual, family, and community, while providing a choice of balanced development strategy for the nation so as to develop in line with the forces for the nation so as to develop in line with the forces of globalization, and shielding against inevitable, and shielding against inevitable shocks and excesses that may arise.

“Sufficiency” means moderation and due consideration in all modes of conduct, together with the need for sufficient protection from internal and external shocks.

To achieve this, the application of knowledge with prudence is essential. In particular, great care is needed in the application of theories and technical know-how and methodologies for planning and implementation.

At the same time, it is essential to strengthen the moral fiber of the nation, so that everyone, particularly public officials, academics or theoreticians, businessmen and financiers, adheres first and foremost to the principles of honesty and integrity. In addition, a balanced approach combining patience, perseverance, diligence, wisdom and prudence is indispensable to cope appropriately with critical challenges arising from extensive and rapid socioeconomic, environmental, and cultural changes occurring as result of globalization.

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