The above discussions indicate that Thailand under this development path is unlikely to achieve sustainable development. In attempting to measure sustainable development in Thailand, the index of sustainable economic welfare or ISEW was developed during 1998-1999. It demonstrated that despite the underestimation of the social costs of natural resources and environmental degradation, per capita ISEW was approximately 24% below the per capita GDP (Panyawadee, Chanyaswad, and Kaosa-ard, 2002 ).