Development that is based on Sufficiency Economy is development that is based on sustainability and consideration. This kind of development emphasizes moderation, rationality, immunity, and the application of knowledge, carefulness, and morality in making decisions and taking actions.
The philosophy of Sufficiency Economy provides a guide to appropriate ways of living and behaving. It was developed from the traditional Thai lifestyle and can be applied to all situations. It derives from an understanding of the always-changing world and aims at protection from dangers and crises for the sake of stable and sustainable development.
His Majesty the King, who developed the philosophy of Sufficiency Economy, has recommended appropriate stages of development. It must begin with sufficiency for the greater population. When the sufficiency of most people is achieved, the nation can then progress to economic growth.
Sufficiency Economy is not the “economy of the poor,” as some have said. It does not call for extreme austerity or belt-tightening. The King has advised his subjects to get rich, but he also encourages them to share their wealth with others and wants them to be able to maintain their riches in bad times. He gives three principles and one foundation for national development. And they can be applied to benefit the management of any organization.