From the previous discussion of past theories and other development
concerns, there are still challenges in development that need to be addressed: the
problems of institutions, of human capital, of environment and of the role of
government.
This paper proposes a new theory of development: the philosophy of
sufficiency economy. Both the theoretical framework and the practices of the
philosophy are discussed in addressing the above-mentioned development
challenges. The theoretical framework is in section II; section III presents the
contribution of the philosophy to development concerns; and concluding remarks
are included in section IV.