The King of Thailand’s philosophy of sufficiency economy highlights
a balanced way of living. Three principles—moderation, reasonableness,
and self-immunity—along with the conditions of morality and knowledge
can be applied to any level of the society—from an individual to
a country. This article proposes that the philosophy of sufficiency
economy conveys new theory in addressing current development
challenges, which are issues of institutions, human capital, environmental
sustainability and the role of government. The philosophy of sufficiency
economy, as a new paradigm of development, aims at improving human
well-being as a development goal.