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The Philosophy of Sufficiency Economy: a contribution to the theory of development

Author

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  • Prasopchoke Mongsawad

    (School of Development Economics, National Institute of Development Administration (NIDA))

Abstract

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. in the management of MPAs.

Suggested Citation

  • Prasopchoke Mongsawad, 2010. "The Philosophy of Sufficiency Economy: a contribution to the theory of development," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 17(1), pages 123-143, June.
  • Handle: RePEc:unt:jnapdj:v:17:y:2010:i:1:p:123-143
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    References listed on IDEAS

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    1. Sriya Iyer & Michael Kitson & Bernard Toh, 2005. "Social capital, economic growth and regional development," Regional Studies, Taylor & Francis Journals, vol. 39(8), pages 1015-1040.
    2. Krueger, Anne O, 1990. "Government Failures in Development," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 9-23, Summer.
    3. Stephen Knack & Philip Keefer, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1251-1288.
    4. Paul F. Whiteley, 2000. "Economic Growth and Social Capital," Political Studies, Political Studies Association, vol. 48(3), pages 443-466, June.
    5. Partha Dasgupta, 2005. "Economics of Social Capital," The Economic Record, The Economic Society of Australia, vol. 81(s1), pages 2-21, August.
    6. Bojo, Jan, 1996. "The costs of land degradation in Sub-Saharan Africa," Ecological Economics, Elsevier, vol. 16(2), pages 161-173, February.
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    Cited by:

    1. Piyapong Janmaimool & Chaweewan Denpaiboon, 2016. "Rural Villagers’ Quality of Life Improvement by Economic Self-Reliance Practices and Trust in the Philosophy of Sufficiency Economy," Societies, MDPI, Open Access Journal, vol. 6(3), pages 1-20, August.

    More about this item

    Keywords

    Philosophy Sufficiency Economy; Development; Sustainable Development; Social Capital; Human Well-Being;

    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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