I just realized what sufficiency economy really is. Actually, this term sounds very familiar, but if asked to explain it clearly, I’m still not quite sure.

Poverty enough to eat, enough to use – many of you might have heard this phrase before. His Majesty King Bhumibol Adulyadej has been teaching Thai people to live this way since 1974. Its core idea is self-reliance and balance in life, without needing to rely on anyone.

I think, what is the sufficiency economy? The simplest way is to live along the middle path, with moderation. Not greedily excessive, not stingy to the point of deprivation. Use reason to make decisions, and prepare yourself to cope with various changes that may come.

And what does it include? It’s about three loops and two conditions. That is moderation, reasonableness, and having a good protective system. Plus knowledge and morality. That’s all. With this, you can live steadily and securely.

I observe that the sufficiency economy isn’t just a theory. It’s practical for work, business, and even agriculture. The most obvious example is mixed farming: growing rice, vegetables, raising fish. Doing this means that if droughts or diseases occur, you don’t have to worry about losing everything.

For business, if we adhere to the principles of the sufficiency economy, it means not setting huge profit goals, not exploiting others, using resources efficiently, and having reserves. When the economy downturns, we can still survive.

Talking about historical examples, what’s interesting is that about a year before the 1997 Asian financial crisis, His Majesty warned Thais to live along the middle path. He advised having a sufficiency-based economy, not to be like tigers, but to be moderate and self-sufficient. Then, when the economic crisis actually happened, those who followed this principle fared better and survived more easily.

For me, I think the sufficiency economy is mainly about knowing when to stop, knowing when enough is enough. No need to compete for more, because sometimes excess can lead to loss. Knowing how to save, plan, and make decisions with reason—these are the foundations of a stable life.

It’s not really difficult. Just follow the middle way, have knowledge, morality, be content with yourself, and not exploit others. You can build sustainable economics at household, community, and national levels. I believe this way of thinking suits the current situation because it helps us avoid falling prey easily to economic changes.