What is the meaning of 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.
What are the three concepts of sufficiency economy?
The sufficiency economy The three components are reasonableness (or wisdom), moderation, and prudence.
Who introduced sufficiency economy in Thailand?
King Bhumibol Adulyadej
Sufficiency Economy Philosophy (SEP) was introduced in 1974 by His Majesty the late King Bhumibol Adulyadej. SEP is an approach for sustainable development which espouses moderation, reasonableness and prudence as development framework based on knowledge and virtue.
What are principles and aims of the sufficiency economy philosophy?
It is based on three principles: (1) moderation is needed for sufficient protection from internal and external shocks through planning and implementation; (2) reasonableness is the application of knowledge through wisdom and prudence; and (3) self-immunity strengthens the community in order to deal with negative …
How can we use sufficiency economics in daily life?
Sufficiency Economy stresses group forming among local people since the groups or organizations of local people will run various kinds of economic activities including integrated farming, handicraft making, food processing, business affairs, tourism at a community level, and so on.
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 …
How can we use sufficiency economy in daily life?
How does the philosophy of sufficiency economy help the economy of Thailand?
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.
What is an example of self-sufficiency?
Having the necessary resources to get along without help; independent. The definition of self sufficient is having the ability and resources to take care of yourself without help. An example of self sufficient is a person who grows his own food.
Why is self-sufficiency important?
Self-sufficiency, also known as self-reliance, not only saves you money it protects you from the vicissitudes of life and also helps to protect the environment. Over the past 100 years changes in the economy and in society generally has led to less self-sufficiency.