Sufficiency Economy Principles: Applications for Organisation Management Strategy

Teerayout Wattanasupachoke, Ph.D., Chulalongkorn University, Thailand ABSTRACT This study focuses on the conceptualisation and application of the sufficiency economy concept for use in organisation management strategy. This is aimed at understanding the deployment of the sufficiency economy principle in enterprises in Thailand as well as examining the relationship between the application of the sufficiency concept in organisational strategies and their performance. From an empirical investigation, a firms financial performance is influenced by various concepts of moderation principle, consisting of leverage financing and capital structure, appropriate levels of growth and spending, and thorough evaluation of investment projects. The neutrality way of business operations is then able to strengthen a firms financial performance. Regarding the nonfinancial performance, the knowledge application and morality conditions seems to be influential factors. Efficient database and environment monitoring and integration of CSR into firms operations are of prime concern for achieving higher non-financial returns. Therefore, the moderation principle, knowledge application condition, and morality condition are of critical importance to a firms performance. These factors should lie at heart of business management in order to enhance performance, stability, and sustainability of organisations. INTRODUCTION The concept of a sufficiency economy is widely known throughout Thailand because His Majesty King Bhumipol Adulyadej, who is the greatly respected, developed the principle. Consequently, the philosophy of Sufficiency Economy lies at heart of all Thai people and has been regarded as a panacea for various recent business and economic problems. This is because the concept can lead to the balanced and sustainable development as well providing help for firms to cope with uncertainties (Ananthakul, 1998; Wong Cha-um, 2001). The sufficiency economy refers to a middle path of principles for appropriate conduct. In this respect, sufficiency focuses on moderation, reasonableness, and self-immunity mechanisms in any challenge from external and internal factors (Piboolsravut, 2004) The sufficiency concept is then of utmost importance in protecting people and firms from adverse sudden effects as well as relieving problems, (Sussangkarn, 1999). This also sheds light on the necessity for Thai business organisations to apply the concept in strategic practices. However, the understanding of this concept remains limited and there is lack of a database regarding the connection between the concept and business enterprises. Therefore, research into the topic of Sufficiency Economy Principles: Applications for Organisation Management Strategy deserves significant attention for in-depth study. The figure one displays the framework of the study.
Figure 1 Framework of the study: Star-Shaped Model for Sufficiency-Oriented Organisation

Moderation

Reason ableness SufficiencyOriented Organisation

Self-Immunity

Knowledge Application

Morality

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OBJECTIVES The focus of this study is on the conceptualisation and application of the sufficiency economy concept for use in organisation management strategy. The discussion is also impact on organisational performance. The following research objectives have, therefore, been set:
To understand the deployment of the sufficiency economy principle in enterprises in Thailand To investigate the extent of the sufficiency concept when applied to the management strategies of enterprises in Thailand To examine the relationship between the application of the sufficiency concept in organisational strategies and their performance

BRIEF REVIEW OF LITERATURE The sufficiency concept consists of three main components: moderation, reasonableness, and self-immunity systems. Moderation means neutrality, being not too much or too little as well as not taking advantage at the expense of others (Piboolsravut, 2004, Tantivejkul, 1999). Reasonableness is related to rationality in decision-making, which should incorporate relevant factors and their consequences for consideration. Regarding being self-immune, there ought to be infrastructures ready for efficiently handling impacts from dynamic change (Piboolsravut, 2004). Risk management infrastructure and procedures may also be included in this regard. Apart from the three components, there are two required conditions for the sufficiency concept; knowledge application and morality (Piboolsravut, 2004). These mean the efficient utilisation of theories and methodologies for strategic planning and implementation as well as the reinforcement of moral conduct. In addition, the sufficiency principle is well equipped with a Buddhist perspective on economics (Pryor, 1990). Schumacher (1973) stressed that the goal of the Buddhist economic life should be Right Livelihood. This means that the economy must be designed to provide all members of society with sufficient materials for their well-being and satisfaction. Also, there must be no harm done to others materially or spiritually in the community (Pryor, 1990). Interestingly, the sufficiency principle here is also manifestly consistent with sustainable sufficiency, a concept studied by various scholars. Sustainable sufficiency, which is evolved from sustainable development, refers to a synthesis of ecological, social, and economic objectives (Daly, 1990; Galdwin et al., 1995; Van Den Bergh, 1996, Yancken and Wilkinson, 2000). This concept stresses that there must be a mutual dependence between the ecological, social, and economic dimensions. Sustainable sufficiency is then defined as achieving economic results together with the right livelihood. This is to ensure the preservation of the natural environment and the welfare of individuals and society (Westing, 1996; Lamberton, 2005). The sustainable sufficiency combines the three aspects, ecology, society, and economy, and makes them mutually supportive (Galdwin et al., 1995; Lamberton, 2005). In this respect, a firm ought not to prioritise economic objectives over social and environmental concerns. This makes its status unsustainable. Moreover, a firm should create short-term profit growth as well as reinforcing an appropriate level of natural resource consumption and a stable supply chain. This is aimed at balancing short term and long-term goals as well as building an efficient transition to a sustainable sufficiency economy. To summarise, the balance between ecology, society, and economy is fully consistent with the concepts and conduct of Thai sufficiency principles. In order to achieve balance, a firms conduct must focus upon moderation, reasonableness and self-immunity concepts, together with main underlying conditions: knowledge application and morality. This sufficiency principle will then lead to a sufficiency-oriented organisation which is characterised by the long-term sustainability of a firms performance. Therefore, the hypotheses of the research, according to the framework of the study in the figure 1, are as follows.
H1: The greater the focus on the Moderation principle, the greater the positive impact on a firms performance H2: The greater the focus on the Reasonableness principle, the greater the positive impact on a firms performance H3: The greater the focus on the Self-Immunity principle, the greater the positive impact on a firms performance H4: The greater the focus on the Knowledge application condition, the greater the positive impact on a firms performance H5: The greater the focus on the Morality condition, the greater the positive impact on a firms performance

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RESEARCH METHODOLOGY Questionnaire surveys have been employed as the main technique for primary data collection. Population in this study is Thai business enterprises that are listed on the SET (Stock Exchange of Thailand). The main reason for focusing the scope of the study on companies listed in the SET is their representativeness of the overall Thai economy. In addition, listed enterprises are considered to be leading firms which are trend-setters for the Thai management circle, particularly as regarding to new principles like the sufficiency concept. Across-the-board and sector analysis of all listed firms will be meaningful for academic and practical use in the future.Hence, regarding the survey, there are 480 listed firms on the SET. All of them are the population for primary data collection in this research. A consensus technique has been employed. The questionnaires were distributed to executives of all the Thai listed enterprises via mailing address. Follow-up techniques via postal mails were used to obtain high response rate. In-depth interviews were employed so as to gain insightful information on the sufficiency concepts applied in Thai enterprises and their results and to elicit sensitive issues. ANALYSIS OF THE RESULTS Background of Respondents In this study, Thai executives responding to the research were male 50.5% and female 49.5%. Regarding their age, they were below 21 years 1.8%, between 21-30 years 9.0 %, between 31-40 years 80.2% and older than 40 years 9.0%. With regard to education, the majority of the executives held bachelors degree 86.5% and master/doctoral degrees 13.5%. They had worked in their firms from 1-2 years 16.7%, from 3-5 years 49.1%, and longer than 5 years 34.3%. With regard to their positions, they were in the first management level 30.6%, middle management level 49.5% and high-ranking management level 19.9%. Sufficiency Economy Principles: Applications for Management Strategy Regarding the moderation concept, Thai executives mostly agree that their firms should focus heavily on the evaluation of investment project thoroughly (3.90) (See table 1). The projects must be carefully analysed and reviewed by experts in each field in order to prevent potential downside risks, particularly in politics and economics. This is due to the disasters that Thai firms confronted during the previous financial crisis. In addition, political instability has and is currently posing a huge threat to the Thai economy in general. New investment and growth initiatives should be handled with extra care. Similarly, financing and capital structures are of great concern to Thai executives. Times interest earned ratios (3.82), risks to capital structure (3.79) and the maximum debt level (3.58) are considered significant factors in business growth. To summarise, Thai executives seem to apply the moderation and neutrality principles in management strategies to increase their stability and sustainability.
Table 1 Moderation as a Sufficiency Economy Principle: Applications for Management Strategy Sufficiency Economy Principles Means Investment projects are evaluated thoroughly Growth rate is appropriate External and internal growth strategies are carefully employed Risk and return on new investment projects are systematically assessed The maximum level of debt financing is determined Times interest earned is considered a major factor in debt financing Capital structure is not too risky The minimum level of cash maintained is determined The number of firms staff is at the appropriate level Liquidity is always sufficient Marketing expenses are utilised efficiently Budgeting is not violated without sensible reasons Note: n = 114 1 =least and 5=most agreed 3.90 3.36 3.56 3.38 3.58 3.82 3.79 3.71 3.35 3.54 3.30 3.42 Standard Deviation .86 .829 1.036 .779 .874 .826 .773 .842 .990 1.102 1.023 1.032

Regarding the reasonableness concept (See table 2), Thai executives mostly agree that decision makers must be concerned with a firms overall benefits (3.72). This is a principle that firms have long been committed to in order to protect them against minority interest problems. Next, a determination of clear goals (3.58) as well as an evaluation of all alternatives (3.55) and impacts (3.46) from decision-making receives a moderately high score. All these aspects help Thai executives to deeply understand the issues and lead to increased accuracy in making decisions. In addition, flexibility in decision-making must be maintained (3.53) by Thai executives as environmental

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conditions are dynamically changing more than ever. Also, timely (3.22) and unbiased (3.30) decision-making receives a moderate level of application by Thai executives. Overall, Thai firms emphasise systematic decision making in order to handle variations in the environment for their sustainability.
Table 2 Reasonableness as a Sufficiency Economy Principle: Applications for Management Strategy Sufficiency Economy Principles Means Issues/problems are always clearly understood prior to making decisions Clear goals are determined in each decision making All alternatives are thoroughly evaluated prior to making decisions All impacts from decisions are realised in each decision making Decision making is always delivered without personal bias Decision making is always delivered in timely manner Decision makers are concerned mainly with a firms overall benefit Flexibility in decision making is always maintained Note: n = 114 1 =least and 5=most agreed 3.40 3.58 3.55 3.46 3.30 3.22 3.72 3.53 Standard Deviation .975 .826 .772 .795 1.050 .957 .890 .926

Regarding the self-immunity concept, according to table 3, Thai executives mostly agree that their financial risks are carefully assessed (3.72). In particular, exchange rate and interest rate risks are of prime concern due to the persistent negative impact from the previous crisis. The crisis resulted in a lack of liquidity and insufficient working capital. Consequently, many corporations went bankrupt and the whole economy was weakened. Thai executives then are significantly concerned about financial risks. Other types of risks, consisting of operating risks (3.57), competitive risks (3.55), and reputation risk (3.55) are also important for Thai businesses. On the other hand, modern risk management techniques (3.33), evaluation of a firms overall strength (3.36) and the monitoring of risk management measures (3.34) receive moderate scores in this study. This is because these techniques are relatively new and are complicated to Thai business.
Table 3 Self-Immunity as a Sufficiency Economy Principle: Applications for Management Strategy Sufficiency Economy Principles Means Financial risks are carefully assessed Operating risks are carefully assessed Competitive risks are carefully assessed Risks that may affect overall reputation and image are always evaluated Impact from a firms risks are continuously monitored and well managed Modern risk management techniques are deployed Effectiveness of risk management measures is closely monitored A firms overall strengths are evaluated on a regular basis Note: n = 114 1 =least and 5=most agreed 3.72 3.57 3.55 3.55 3.51 3.33 3.34 3.36 Standard Deviation .858 .723 .786 .797 .687 .910 .793 .775

Regarding the knowledge application condition, Thai executives focus heavily on information about the external and internal environment. As seen in table 4, up-to-date information is provided for decision making (3.61). External (3.64) and internal (3.67) information on the environment is continuously monitored. This means the environment information is crucial for a Thai firms survival and success. In particular, dynamically changing conditions of an economic, social and political nature currently represent a challenging threat to firms. They must closely monitor and assess the impacts from uncertain environmental conditions. However, regular analyses of training needs (3.06) and the assessment of training programme effectiveness (3.00) receive only moderate attention from Thai executives. Conducting training needs analysis regularly is rare in the majority of Thai firms. Likewise, effectiveness of training programs, even regarded as being important, is difficult to measure accurately. The programs are normally evaluated according to the satisfaction of participants which remains in sufficiently concrete. Regarding the morality condition, the morality concept is increasingly important and has been adopted by Thai executives recently. In this respect, employment of independent external auditors to reinforce a firms moral practices is mostly emphasized (3.72) (See table 5). This is required by the laws and rules of various regulators. However, this measure is inadequate for a firms transparency. Thai firms also give importance to management by committee (3.56) and the employment of independent internal audits (3.50). Management and decision by committee help increase legitimacy and reduce personal bias in a firms operations. Interestingly, Thai executives are paying particular attention to corporate social responsibility (CSR) programmes more than in the past as they have realized the important effects from CSR activities on a firms image and reputation. However, although firms are increasingly active in social activities, they have not integrated well into their strategies and core operations.

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Table 4 Knowledge Application as a Sufficiency Economy Principle: Applications for Management Strategy Sufficiency Economy Principles Means Standard Deviation Complete database is developed for executive decision making 3.30 .822 Information for decision making is up-to-date 3.61 .850 External environment data is continuously monitored 3.64 .775 Internal environment data is continuously monitored 3.67 .847 Information and knowledge are transferred efficiently within firms 3.30 .967 Staffs continuous skill development is an important point of focus 3.45 .925 Learning organisational concepts is effectively promoted 3.45 1.010 Self-development is directly linked with performance evaluation 3.33 .940 New staff development programmes are continuously being developed 3.20 1.030 Training needs analysis is performed regularly 3.06 1.048 Effectiveness of training and development programmes is assessed 3.00 1.092 Staff possess updated skills and knowledge 3.26 .831 Note: n = 114 1 =least and 5=most agreed Table 5 Morality as a Sufficiency Economy Principle: Applications for Management Strategy Sufficiency Economy Principles Means Decision by committee is of main use Independent internal audit unit is efficiently employed Transparency to stakeholders is emphasised Moral codes of conducts are clearly determined Merit system is focused, instead of personal preferences Equity principle is of main use for staff at all levels Needs of all stakeholder groups are responded to Corporate social responsibility programmes are given importance to create a better image Corporate social responsibility programmes are well integrated into the firms operations Staff at all levels can participate in the firms operations and management Accessibility by all groups of stakeholders is appropriately granted Independent external auditors are efficiently employed Note: n = 114 1 =least and 5=most agreed 3.56 3.50 3.50 3.49 3.49 3.44 3.34 3.51 3.29 3.16 3.29 3.72 Standard Deviation .934 .984 .865 .886 .883 .963 .800 .925 .942 1.065 .752 .888

Performance of Organisations The perceptual performance of enterprises is employed in this study and comprised of 2 categories, financial and non-financial measures. The two categories consist of six items, according to performance indicators important for business operations. The reliability of each category is ensured by Cronbachs alpha. They are 0.885 and 0.854 for financial and non-financial performance respectively, which exceed the minimum level suggested by Nunnally (1967). The average scores of both financial and non-financial performance are 3.54 and 3.52 respectively. Factor Analysis of Variables of Sufficiency Economy Principle In order to efficiently conduct multiple regression analysis between variables of performance and sufficiency economy principles, factor analysis has been employed to reduce a large number of variables for further analysis. The technique of principle component analysis and the rotation technique namely varimax with Kaiser Normalisation have been employed. The groups of variables, classified by factor analysis, can be displayed in table 6.
Sufficiency Economy Principles Moderation Reasonableness Self-Immunity Knowledge Application Morality Table 6 Groups of Variables classified by Factor Analysis Number of Group of Variables Groups of Variables classified by Factor Analysis 4 Leverage financing and capital structure, Appropriate levels of growth and spending, Efficient resource utilization for growth, Thorough evaluation in investment projects 1 Reasonableness 1 Self-Immunity 2 Skills and knowledge development, Efficient database and environment monitoring 3 Integration of CSR into firms operations. Auditing and promoting moral practices, Responsive to stakeholders

Hypothesis Testing of the Sufficiency-Oriented Management Strategy and Performance Relationship The investigation of the sufficiency-oriented management strategy and performance relationship is done using regression analysis. As organizational performance here is classified into two categories, financial and nonfinancial measures, the relationship has analysed according to the two aspects of performance. Subsequently, the

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sufficiency-oriented strategy and performance variables were analysed by multiple regression analysis to investigate their relationships. The results of the stepwise regression analysis are displayed in table 8.
Table 7 the Relationship between Financial Performance and Sufficiency-Oriented Management Strategy Coefficients t-test Significant Constant Leverage financing and capital structure Thorough evaluation in investment projects Appropriate levels of growth and spending * Significant at the 0.05 level Note: n = 114 3.556 0.259 0.206 0.196 47.481 2.772 2.209 2.099 0.000* 0.007* 0.030* 0.038*

From table 7, the regression equation is shown below.

3.556 + 0.259X1 + 0.206X2 + 0.196X3 R Square = 0.153 Y = Financial Performances (Ranging from 1 5; 1=least, 5=highest) X1 = Leverage financing and capital structure factor (Ranging from 1 5; 1=least, 5=highest) X2 = Thorough evaluation in investment projects factor (Ranging from 1 5; 1=least, 5=highest) X3 = Appropriate levels of growth and spending factor (Ranging from 1 5; 1=least, 5=highest) * Please note that other sufficiency-oriented management strategy factors are omitted from the equation due to their insignificant impact on the financial performance factor according to the regression analysis Y =

Therefore, the following alternative hypotheses are accepted:

H1: The greater the focus on the Leverage financing and capital structure factor of the moderation principle, the greater the positive impact on a firms financial performance H1: The greater the focus on the Thorough evaluation in investment projects factor of the moderation principle, the greater the positive impact on firms financial performance H1: The greater the focus on the Appropriate levels growth and spending factor of moderation principle, the greater the positive impact on firms financial performance

According to regression analysis, the Leverage financing and capital structure factor has positive and strong influence on the firms financial performance. This confirms that an appropriate level of debt financing is important for business. Firms using relatively high debt for investment are prone to be more vulnerable even in periods of high economic growth, if firms finance their investment through a high level of financial leverage. A huge number of fixed financial changes will be a problem in mature and declining periods. The thorough evaluation in investment projects factor also has a significant impact on a firms financial performance. Likewise, elaborate evaluation for growth initiatives is necessary for a firms stability. The evaluation includes both qualitative and quantitative analysis, which makes it possible to completely understand the overall pictures of the projects. In addition, appropriate levels of growth and spending are significant in increasing the financial performance of firms. Firms that are successful in terms of financial return should maintain the balance between growth initiatives and resource consumption. This helps firms stabilise themselves and achieve higher financial performance.
Table 8 the relationship between Non-financial Performance and Sufficiency-Oriented Management Strategy Coefficients t-test Significant Constant 3.524 53.709 0.000* Integration of CSR into firms operations Thorough evaluation in investment projects Efficient database and environment monitoring * Significant at the 0.05 level Note: n = 114 0.262 0.259 0.235 2.833 2.820 2.638 0.006* 0.006* 0.010*

From table 8, the regression equation is shown below.

Y Y X1 X2 X3 3.524 + 0.262X1 + 0.259 X2 0.235X3 R Square = 0.242 = Non-Financial Performance (Ranging from 1 5; 1=least, 5=highest) = Integration of CSR into a firms operations factor (Ranging from 1 5; 1=least, 5=highest) = Thorough evaluation in investment projects factor (Ranging from 1 5; 1=least, 5=highest) = Efficient database and environment monitoring factor (Ranging from 1 5; 1=least, 5=highest) =

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* Please note that other sufficiency-oriented management strategy factors are omitted from the equation due to their insignificant impact on the financial performance factor, according to the regression analysis

Therefore, the following alternative hypotheses are accepted:

H1: The greater the focus on the Integration of CSR into firms operations factor of the morality condition, the greater the positive impact on firms non-financial performance H1: The greater the focus on the Thorough evaluation in investment projects factor of moderation principle, the greater the positive impact on a firms non-financial performance H1: The greater the focus on the Efficient database and environment monitoring factor of knowledge application conditions, the greater the positive impact on firms non financial performance

Regarding the relationship between the non-financial performance and sufficiency-oriented strategy factors (See table 8), the integration of CSR and a firms operations is particularly important. The integration of CSR activities into a firms directions enhances the image, reputation and understandings with their stakeholders, especially customers. This helps increase competitive advantage and long-term performance, including customer loyalty, satisfaction and image. The thorough evaluation in investment projects and efficient database and environment monitoring factors are also important for increasing non-financial performance. Again, thorough evaluation of investment initiatives raises awareness of various risks relevant to the projects, particularly in the long term. An efficient database in the environment improves the accuracy of executives decision-making, which promotes major qualitative aspects of firms. This enhances longevity and sustainability of business enterprises. LIMITATION AND FUTURE STUDIES The population of this study focuses only upon firms listed on the Securities Exchange of Thailand (SET). This may limit implications of the research findings to whole countries, particularly small and medium-sized enterprises, and other countries, where the environment is significantly different. This also may affect the interpretation of the result of this research for future use. On the other hand, the possibility of conducting future research can be extended to small and medium-sized enterprises which have significantly adopted the sufficiency economy principles for their sustainability. Further, comparative studies across countries could be interesting, particularly Western and Eastern enterprises where culture and philosophy are vastly different. CONCLUSION The summarized overall relationships of the research are displayed in figure 2.
Figure 2: The Significant Relationships of the Study
M o d e r a t io n
L e v e r a g e f i n a n c in g a n d c a p i t a l s t r u c tu r e

0 .2 5 9 * 0 .1 9 6 * 0 .2 0 6 *

A p p ro p ria te le vels o f g ro w th a n d s pe n din g

S u f fic ie n c y E co no m y P rinc ip le s
T h o r o u g h e v a l u a ti o n i n i n ve stm e n t p r o je c ts

F ina nc ia l P e r fo r m a n c e

0 .2 5 9 * 0 .2 6 2 *

K n o w le d g e

A p p lic a t io n

E fficie n t da ta ba s e a n d e n v i r o n m e n t m o n i t o ri n g

N o n-F i na nc ia l P e r fo r m a n c e

M o r a lit y
In t e g r a t i on o f C S R i n t o fi r m s o p e r a t i o n s

0 .2 3 5 *

N o te : * B e ta C o e ff ic ie n t

Regarding financial performance, various concepts of the moderation principle, consisting of leverage financing and capital structure, appropriate levels of growth and spending, and the thorough evaluation of investment projects, are influential factors. Suitable levels of financial leverage reduce interest expenses and financial burdens and, thus, increase financial performance. Growth initiatives and resource spending, which have

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been carefully considered and selected, are likely to enhance a firms financial return, particularly during uncertain periods. Therefore, the mentioned moderation concepts can be employed in order to strengthen a firms financial performance. Interestingly, non-financial performance seems to be significantly influenced by knowledge application and morality conditions. These two conditions are regarded as the solid base for business operations in order to enhance their stability. Efficient database and environment monitoring and integration of CSR into a firms operations are of major concern for achieving higher non-financial returns, for instances, customer loyalty, satisfaction and a firms reputation. An up-to-date database for decision-making and well-integrated social programmes is necessary for achieving the non-financial returns. However, a concept of the moderation principle thorough evaluation of investment projects is also important for increasing non-financial performance. Careful consideration of growth initiatives helps reduce investment risks and cope well with unexpected uncertainties, which can strengthen the nonfinancial performance of firms. To summarize, the moderation principle, knowledge application conditions, and the morality condition are of critical importance to a firms financial and non-financial performance. In order to enhance a firms prosperity, neutrality, carefulness and social awareness should lie at the heart of business operations and management. This can help enhance the performance, stability, and sustainability of business organizations. REFERENCES
Daly, H. Toward Some Operational Principles of Sustainable Development. Ecological Economics. Vol. 2, 1990, 2-6. Foster, B. Best Practices in Risk Management. RMA Journal, Vol. 89 Issue 2, 2006, 46-49. Galdwin, T., Kennelly, J., and Krause, T. Shifting Paradigm for Sustainable Development Academy of Management Review. Vol. 20, 1995, 874-907. Lamberton, G. Sustainable Sufficiency: an Internally Consistent Version of Sustainability, Sustainable Development, Vol. 13, 2005, 53-68. Piboolsravut, P. Sufficiency Economy. ASEAN Economic Bulletin, Vol. 21, No. 1, 2004, 127-134. Pryor, F. A Budhhist Economic System in Principles American Journal of Economics and Sociology, Vol. 49, 1990, 339-361. Sapiensa, H.J., K.G. Smith, and M.J. Gannon. "Using Subjective Evaluations of Organisational Performance in Small Business Research," American Journal of Small Business 13, 1988, 45-53. Schumacher, EF. Small is Beautiful Harper Row: New York, 1973. Sussangkarn, C. Sufficiency Economy and Economic Crisis Bangkok, Thailand Development Research Institute, 1999 Tantivejkul, S. Sufficiency Economy Lifestyles According to H.M. The Kings Royal Initiative Matichon, December 5, 1999. Van Den Bergh J. Ecological Economics and Sustainable Development Elgar: Cheltenham, 1996. Westing, AH. Core Value of Sustainable Development Environmental Conservation, Vol. 23, 1996, 218-225. Wong Cha-um, S. Sufficiency Economy: Basis to the Sustainable Development Bangkok, Office of National Economic and Social Development Board, 2001 Yancken, D. and Wilkinson, D. Resetting the Compass, Australias Journey Towards Sustainability CSIRO Publishing: Melbourne, 2000.

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