Economy Philosophy
A philosophy of Sufficiency Economy is a way of living and a way of performance His Majesty the King has bestowed on Thai people for more than 30 years. It can be seen that the King has first mentioned about this philosophy in his speech and royal guidance in 1974 in order to emphasize a developing strategies regarded of self-reliant principle for mostly people’s moderate consumptions by using a moderation’s principle, realizing in reasonableness, and building self-awareness, also in order to remind Thai people of not being careless, realizing in rightfully step-by-step development, and having morality as a frame of life.
https://sites.google.com/a/eisth.org/prajak1/classroom-news/home/sufficient-economy-theory
As the time a 1997’s economic crisis has threatened Thailand, it is considered to be a crucial lesson for Thai people on impacts of developing without considering the proper level and country’s potential, instead relying mostly on foreign knowledge and investment. Not preparing the country to be self-aware of the risk occurred from both internal and external factors leads to a severe influence on Thailand itself. The Thai government realizes in the need of solving this problem, has applied a Sufficiency Economy philosophy in educational policy- improving educational standards and its quality, and synchronized the cooperation between educational institution, family institution, community, and religious institution to participate in an educational development so that learners can apply their knowledge, skills, and attitudes for having the balanced and sustainable lives.