Sep 19, 2012 and so the philosophy of georg wilhelm friedrich hegel helped inspire both the american free market economy and european socialism. Although these inquiries overlap in many ways, it is useful to divide philosophy of economics in. The large role of moral philosophy in the historical. Philosophy of science economics history psychology social science. To know the significant volume of applying the sufficiency economy philosophy in the smes 4. The sufficiency economy philosophy and strategic hrd.
The main objective of this research is to explore the possibility of applying the sufficiency economy philosophy in purchasing of the organizations. This paper examines current state of the development of the sufficiency economy philosophy in the thai business sector. How does the selfsufficient economy solve the financial crisis of thailand. Implementing the sufficiency economy philosophy applications. Happiness, the sufficiency economy and the middle way. The sufficiency economy philosophy in non sila leng village, northeastern thailand1 this narrative is one out of 15 that were originally developed in 2007 as part of a project on innovative policies for social inclusion jointly developed by the development planning unit dpu, university. Pdf introduced over the backdrop of collective humanitys semiconscious march. It promotes a middle path, especially in developing the economy to keep up with the world in the era of globalization. Reasonableness referring to thoughtful considerations. Based on the philosophy of sufficiency economy, the socalled kings projects has been promoted throughout the country. Philosophy of sufficiency economy provides a practical tool to cultivate necessary conditions and to alter human wellbeing through happiness development process. Understanding the philosophy of the sufficiency economy. Available empirical evidence in thailand is discussed. Sufficient economy philosophy united nations partnerships.
Sufficiency economy philosophy has now firmly taken root in thai society. King phumiphon proposed the philosophy of sufficiency economy. And two different interpretations of that philosophy lead to two different social systems. The hardworking monarch, who had intimate knowledge of the peoples problems and had been advising those in the agricultural sector, who made up the majority of the population, spelled out the new theory in his sufficiency economy philosophy. Today i would like to inform you about the progress in the organisation of the royal cremmation ceremony of his majesty the late king bhumibol adulyadej, with the construction of the royal crematorium going as planned. Moderation stressing the middle way between hunger and luxury. Levels and dynamics it is necessary to understand clearly the concept of happiness. Bestowed by his majesty king bhumibol adulyadej on the people of the kingdom of thailand, the sufficiency economy philosophy has now firmly taken root in thai society. Scope of the study the followings are scoops of research. Conceptual framework the results of business regarding to sufficiency economy that was used in this study are. If all thais use the concept of selfsufficient economy in daily life, what will happen. Philosophy of economics stanford encyclopedia of philosophy.
The author of the wealth of nations 1776 is frequently classed as an eighteenth century economist. Thai community in dc and nearby areas celebrated the coronation of king rama x of thailand by making merits and doing good deeds at wat thai washington dc. The sep can be applied to all levels, from the individual, family, and community, to society as well as in all sectors and fields of a. This means that the most important thing is that all individuals have enough to be independent and produce their own products for self consume and live. As chapter 1 describes, sep leads to responsible behaviour with prudence, wisdom and farsightedness. Ministry of foreign affairs, kingdom of thailand the sufficiency economy philosophy was incorporated into the ninth national economic. In 1958 she joined the british academy, in 1965 she became a fellow and professor of girton college and in 1979 she became the first woman to become a fellow at kings college. Philosophy of poverty, by pierrejoseph proudhon 1847. The sufficiency economy philosophy was incorporated into the ninth national economic and social development plan 20022006 as well as the tenth plan covering the period from 2007 to 2011.
In effect, rights are apportioned in proportion to wealth and thus for posner, economy is polity. Scale economies, product differentiation, and the pattern of trade pdf. A selfsufficient economy does not trade with other countries because it can produce its goods and services using its natural resources, sustainable agriculture, and renewable energy. Management, sustainability growth, sufficiency economy, entrepreneurs.
Sufficiency economy is a philosophy that stresses the middle path as an. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Since then, the sufficiency economy philosophy sep has become thailands development compass. Download file to see previous pages it is now familiarly known as sufficiency economy principles. Thailand as the worlds premier land of happiness, respect and hospitality, through the sufficiency economy. The kings concept of sufficiency economy the king had gradually developed conceptual framework and philosophy of sufficiency economy in stages from 1974 to 1999, but it was not until after the economic crisis in 1997, which began in thailand, that sufficiency economy became a household name.
Moderation has since become the guiding spirit of the country. The sufficiency economy is a philosophy developed by king bhumibol adulyadej of thailand through his royal remarks over the past three decades. Sufficiency economy as the model of thailands community. Philosophy and economics, also philosophy of economics, studies topics such as rational choice, the appraisal of economic outcomes, institutions and processes, and the ontology of economic phenomena and the possibilities of acquiring knowledge of them. His majesty got his inspiration for the new theory from a royal visit to the people in the northeast, in kut to kaen village, kut sin khum yai. Sufficiency economy philosophy and happiness of farmers in. This focuses on the farmers who live in upper northern thailand. Introduced over the backdrop of collective humanitys semiconscious march towards unsustainable future by his majesty king bhumibol adulyadej of thailand, sufficiency economy philosophy sep posits an alternative path. Design for sufficiency economy open learning resource. Sen emphatically rejects any such notion that economy is polity or that economic efficiency is justice. From the sufficiency economy philosophy to sustainable. It is useful to divide philosophy of economics in this way into three subject matters which. This is a method of development that stresses the distribution of income to build the overall economic foundation and stability of the country before going on to a higher level of development.
Dec 01, 2016 what is the philosophy of sufficiency economy. Sufficiency economy philosophy sep was introduced in 1974 by his majesty the late king bhumibol adulyadej. Obstacles faced by residents when starting the practice such as insufficiency of. The sufficiency economy philosophy and the context of national. There are no pdf links and the book available for online reading is actually.
When globalisation brings with it economic uncertainties and risks. The sufficiency economy philosophy is initiated by his majesty the king bhumibol adulyadej of thailand. Pdf the sufficiency economy philosophy sep and its. Fundamental perspectives on assessing its benefits and costs. Moderation is the core principle of the sufficiency economy philosophy. The possibility of applying the philosophy of sufficiency. His majesty king bhumibol adulyadej has expounded the concept of sufficiency economy to the thai people through statements, words of advice. Sufficiency economy is a philosophy that guides the livelihood and behavior of people at all levels, from the family to the community to the country, on matters concerning national development and administration. Assistant professor sompit moi fusakul king mongkuts institute of technology ladkrabang faculty of architecture thailand assistant professor sompit moi fusakul king mongkuts institute of technology ladkrabang faculty of. The philosophy reflecting the principle of thai culture is a method of development on the three foundations of moderation, reasonableness, and. Selfimmunity signifying the alleviation of economic, social and environmental risks. May 21, 2009 k1 sufficiency economy moi kmitl 20 may09 1.
From the sufficiency economy philosophy to sustainable development goals june 2, 2017 good evening dear thai citizens. It is my pleasure and honour to introduce the thailand human development report 2007, with the theme of sufficiency economy and human development. Happiness, the sufficiency economy and the middle way193, december 2007. The other link here on the internet archive is wrong. Philosophy of economics consists of inquiries concerning a rational choice, b the appraisal of economic outcomes, institutions and processes, and c the ontology of economic phenomena and the possibilities of acquiring knowledge of them. Development of the sufficiency economy philosophy in the thai. Economic and social development board nesdb and members of the working. Although thailand has previously applied the sufficiency economy philosophy in its development paradigm, few quantitative studies focus on the magnitude of the effect of sufficiency economy philosophy on happiness. On a personal level, the philosophy of sufficiency economy can be adopted by all people simply by adhering to the middle path. Data analysis of the sufficiency economy philosophy application assessment since there are 25 items in the sufficiency economy philosophy application assessment, the means and the modes of the 5 factors three components and two underlying conditions were used for the data analysis as in. Sufficiency economy is a philosophy that stresses the middle path as an overriding principle for appropriate conduct by the populace at all levels. It has been elaborated upon by thai academics and agencies, promoted by the government of thailand, and applied by over 23,000 villages in thailand that have sepbased projects in operation.
The sufficiency economy philosophy sep provides orientation for sustainable lifestyle based on the principles of moderation, reasonableness, and prudence, using both knowledge and virtues for decisionmaking. Sufficiency economy philosophy sufficiency economy philosophy moderation, reasonableness and sound selfimmunity towards a balanced way of life that prepares ones in the face of changes, live a life of sustainability and be capable of making contributions to society at large. At a national level, it imposes an innovative approach on avoiding overconsumption by hedging investments, reducing imports and overdependence on other countries. The transition from socialism to state capitalism in the lao pdrs economic direction has not as yet entirely resulted in the abandonment of the sufficiency economy philosophy seplike ethicallybased development policies but today these policies. Julian reiss is professor of philosophy at durham university. Apr 14, 20 five moral philosophies on economic growth. The sufficiency economy philosophy sep is a development approach based on buddhism creating sustainable development through the integration of the physical, social and spiritual dimension. Why is the concept of selfsufficient economy important in nowadays. Apr 01, 2004 his majestys philosophy of sufficiency economy lies at the heart of thailands development thinking, and indeed it can serve as guidance for the countrys economic and social developments. Ethics without economy leads to physical starvation and economy without ethics leads to mental starvation.
Thailand new theory sufficiency economy permaculture. The sufficiency economy philosophy in non sila leng. In thailand, sufficiency economy philosophy sep offers a paradigm for perceiving the world, and therefore, management of limited resources. Even though it was designed to help the kingdom advance, while retaining its traditional values, sufficiency economy can also serve as a guide for individuals, firms, and families. Sufficiency economy principles that was promulgated and implemented by the king of thailand is largely grounded on the principles of buddhism which is likewise the major religion in the region 2006. Since then, the sufficiency economy philosophy sep has become. The philosophy of a sufficiency economy as initiated by his majesty the. The philosophy of sufficiency economy, as a new paradigm of development, aims at improving human. But adam smith was primarily a professor of moral philosophy, the discipline which i believe is the appropriate one for the study of human action and such subdivisions of it as may be involved in political economy. In effect, posner has redefined jurisprudence as economic efficiency.
The philosophy called, sufficiency economy or the middle path can be applied to personal, corporate and family finances, as well as to national development. The king of thailands philosophy of sufficiency economy highlights a balanced way. Philosophy of sufficiency economy for communitybased. Absract this research examined development approaches through the alternative sufficiency economy philosophy sep and the respective impact of these approaches on sustainable development. Moreover, his majesty also explained that sufficiency index termssustainable economy, sufficiency economy, thai economy, thailand, king bhumiphol, king of thailand. An economic and social model pieced together after decades of practical experience and personal meditation. An application of sufficiency economy in the health sector in thailand abstract in 2002 the introduction of the philosophy of sufficiency economy into thailand. Sufficiency economy is a philosophy serves as guide for the way of living behaving for people of all levels toward the middle path. The influence of corporate governance, and sufficiency. Moreover, certain formulations of realisminstrumentalism make it hard to apply to economics such that attractive positions arise. Instead of man being the aim of production, production is the aim of man and wealth the aim of production, instead of tools and the productive mechanism in general liberating man from the slavery of toil, man has become the slave of tools and the industry has become synonymous with business and people have been duped into asking, whats good for business. Sufficiency economy and backdated claims of its application. The purpose of this paper is to investigate the nature and level of sufficiency economy philosophy sep disclosure in the annual reports of companies listed in the stock exchange of thailand set, to test the influence of corporate governance on sep disclosure, and to examine the influence of corporate governance, and sep disclosure on corporate financial performance. Economics is the social science that studies the production, distribution, and consumption of.
Thailands path towards sustainable development goals published in commemoration of the special presentation of the united nations development programmes human development lifetime achievement award to his majesty the late king bhumibol adulyadej on 26 may 2006 26 may 2017 second edition. Its only with a healthy combination of both can the human society live and progress with health, sanity and serenity. Rural villagers quality of life improvement by economic self. Self sufficiency enables a country to be economically independent and stands on its own feet. The philosophical roots of socialism and the free market economy. The sufficiency economy philosophy sep, the driving principle for people or organizations way is based on. The sufficiency economy philosophy is an innovative approach to development designed for practical application over a wide range of problems and situations. Sep is an approach for sustainable development which espouses moderation, reasonableness and prudence as development framework based on knowledge and virtue. Sufficiency economy philosophy sep, is a visionary and awardwinning idea, attributed to the late king bhumibol adulyadej. Sufficiency economy is the name of a thai development approach attributed to the late king bhumibol adulyadejs sufficiency economy philosophy sep. Thailands path towards the sustainable development goals description drawing upon thailands development experiences, this booklet represents part of thailands efforts to create partnerships for development and sustainability in the global community. His majestys words have become known as the philosophy of sufficiency economy and have been used as the guiding principle in the 9th national economic and. Impact of application of sufficiency economy philosophy on the wellbeing of thai population.
Three principlesmoderation, reasonableness, and selfimmunityalong with the conditions of morality and knowledge. The disciplines of economics and philosophy each possess their own special analytical methods, whose combination is powerful and fruitful. Insufficiency in domestic demand reinforced the insuffi. Insufficiency economy, is the conceptual antithesis to s. Examples of sufficiency economy nicholas farrelly 08 oct, 2007 the thai governments public relations department has used the postcoup period to put out a continuous stream of reporting and commentary on sufficiency economy. The philosophy of sufficiency economy sufficiency economy is a philosophy that stresses the middle path as a prevailing principle for appropriate conduct by the populace at all levels which can applies to conduct starting from the level of the families, communities, as well as the level of national development and administration. A contribution to the theory of development prasopchoke mongsawad the king of thailands philosophy of sufficiency economy highlights a balanced way of living. Joan robinson 19031983 was educated at cambridge university and was a leading figure in the economics faculty there for nearly thirty years. In response to the countrys long excess, sep advocates moderation, appropriate technology, careful risk management, and flexibility. This applies to conduct starting from the level of families to communities and to the nation in terms of development and administration, so as to modernize in line with the forces of globalization. An application of sufficiency economy in the health. K1 sufficiency economy moi kmitl 20 may09 slideshare. Sufficiency economy is a philosophy that guides the livelihood and behavior of people at all levels, from the family to the community to the country, on matters.
The philosophy can be summed up in one paragraph, as translated from the thai. Phooyai headman wiboons agroforestry and selfnarrative show all authors. The philosophy of sufficiency economy kanidtah27878. Hegels evolutionary philosophy accounted for the development of culture through time. Result from ordered logit regression shows that sufficiency economy intensity sei has a strong positive. Sufficiency economy philosophy sufficiency economy is an approach to life and conduct which is applicable at every level from the individual through the family and community to the management and development of the nation. Among these, twentyfour asoke communities have applied the kings sufficiency economy philosophy with buddhist principles for their way of life. A study of performance of smes in their application of. This philosophy emphasizes economic development based on selfreliance. 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.