His Majesty the King has advocated a form of sufficiency economy since 1974. It is a concept derived from extensive royal experience gained from visiting villages and seeing what works and what does not work. After 1997, when Thailand faced a severe economic crisis, the term “Sufficiency Economy” was officially introduced.
In his advice, His Majesty the King said that people should be prudent, be aware of step-by-step development principles, and lead a moral life. The doctrine underlying this philosophy is “to understand, to gain insight and access, and to engage in development.”
In practice, Sufficiency Economy must be in harmony with a national “social landscape” that respects diversity within geo-ecology, the economy, and culture and traditions. This aspect of development aims at “self-reliance.” It proceeds with caution, self-evaluation, and prudence, by taking a step-by-step approach, and is tested before being distributed to the public.