ABSTRACT
This chapter explains the Sufficiency Economy Philosophy itself and its three key concepts: ‘sufficiency mindset’, ‘sufficiency’ and ‘sufficiency economy. It explains how and why these concepts contribute to better and more sustainable outcomes; and, in a graphic model, shows how the various elements of the philosophy relate to each other. The chapter explains the factors that enable these concepts to emerge, namely individuals’ and groups’ enduring virtues and attributes. The essence of the Sufficiency Economy Philosophy is that those people who strive to be virtuous and knowledgeable are more likely to make moderate, reasonable and prudent decisions that benefit themselves and their communities in a way that maximises and balances economic, social, environmental and cultural outcomes. The Sufficiency Economy Philosophy is based on the idealistic notion that, in general, individuals, families, organisations and countries will enjoy more happiness and better outcomes when virtues prevail.
