Sufficiency economy philosophy

What is the goal of sufficiency economy philosophy?

The goal of sufficiency economy is to achieve harmony and stability in finances and life. King Bhumibol believed that three specific behaviors were required to achieve the middle path. These behaviors are: The accumulation of knowledge.

What are the foundations of the philosophy of sufficiency economy?

Sufficiency Economy is a philosophy based on the fundamental principle of Thai culture. It is a method of development based on moderation, prudence, and social immunity, one that uses knowledge and virtue as guidelines in living.

Who is the founder of the philosophy of sufficiency economy?

King Bhumibol Adulyadej

What is the three pillars under the philosophy of sufficiency economy?

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.

Why is self sufficiency important?

Being self -reliant and independent is very important to your self -confidence and self -value. It also reduces the stress of having to depend on others and get their approvals. There are many more benefits of becoming independent.

What is economic self sufficiency?

Economic self – sufficiency is the ability of individuals and families to maintain sufficient income to consistently meet their basic needs – including food, housing, utilities, health care, transportation, taxes, dependent care, and clothing – with no or minimal financial assistance or subsidies from private or public

What is a self sufficient society?

The Definitions of Self – Sufficient Community and Collective Living. The definition of being self – sufficient is being able to fulfill one’s own needs without help from others while the term community means people living in one place, like district or city and considered as a whole (Oxford Advanced Dictionary, 2001).

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Who introduces sufficiency economy in Thailand?

Royal Initiatives The term “Philosophy of Sufficiency Economy ” was introduced by His Majesty the King in 1997 when Thailand and many countries in the region faced an economic crisis. Before the crisis, Thailand followed the mainstream development which aimed at high GDP rate.

What are benefits from practicing this philosophy?

The hallmark of philosophy education is critical thinking and inductive reasoning. Additionally, philosophy demonstrates that problems often have multiple solutions, and teaches its students to approach problems from a number of different perspectives (“lateral thinking”).

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