Economy Philosophy that the King then approved. According to this formulation, Sufficiency Economy Philosophy, or SEP, consists of four statements.“Sufficiency Economy is an approach to life and conduct which is applicable at every level from the individual through the
family and community to the management and development ofthe nation.” The first statement asserts that the philosophy can be applied at all levels of the economy and society: the
individual, family, community, and at the organizational and national level.