Sumet, a former chief of the National Economic and Social Development Board, said it was incorrect to suggest that sufficiency economics was suitable only for the poor or grassroots population, while everybody else should follow the mainstream western economic model that essentially represents capitalism, liberalism, consumerism and the like.

Citing the unrelenting growth of the world's population, which will soon reach seven billion, Sumet said global competition for natural and other resources would only intensify in order to meet the matching growth in consumption, which has already outgrown Mother Nature's capacity to replenish by a ratio of 3:1. This means the mainstream economic development model can only lead to disaster in future because when domestic resources are insufficient, states have tended to try to take advantage of other countries' resources in one way or the other. An example of this is the looming global energy crisis because worldwide demand for oil has risen so sharply in recent decades while the supply has not kept pace, resulting in the current skyrocketing prices.

"I told people [many years ago] that Bt100 would one day get just three litres of petrol. At the time no one could believe it and thought it was just a joke. Now, it's here. I guess a Bt100 note could soon get just two litres of petrol," he said.

Sumet warned that water shortages could be the next major issue in sustainable global development.

A long-time advocate of more equitable income distribution, Sumet also lamented the fact that only Bt4 out of every Bt100 generated by Thailand's economic growth over the past several decades had reached the pockets of the poor, whereas a very small number of people have received more than half of the economic benefits.

In other words, the majority - accounting for more than 60 per cent of the population - has received just 4 per cent of the benefits from decades-long national economic and social development, while the minority has got more than 50 per cent.

Touching on conspicuous consumption, Sumet said Thais, especially well-to-do women, were renowned world-class shoppers, second only to those in Hong Kong, according to a recent survey.

"Can you imagine, these people will readily buy a designer handbag with a price tag of Bt400,000 to Bt500,000 when they go shopping abroad?. In this regard, I always cherish the King's emphasis on functionality [rather than image, prestige or social status]. I learned in 1981 that His Majesty at the time wore a very modest wristwatch said to have cost just Bt750. Recently I learned that His Majesty had got a new one after many years, this one worth around Bt3,000," he said. Sumet said collective wisdom was key to sufficiency economy for sustainable development, adding that the philosophical concepts of the King's theory have become clearer and clearer since the bursting of the economic bubble in 1997 that created hardship for the people and forced many businesses into bankruptcy. He cited Siam Cement Group as an example, as it had survived the 1997 crisis by applying a key concept of sufficiency economics.

"At its lowest point, Siam Cement with over 200 subsidiaries was saddled with an unprecedented huge foreign-exchange debt [as a result of the 1997 currency depreciation]. The crisis exposed the perils of its excessive growth. It was a monolith - way too big and too fat. After several years of drastic restructuring and selling of its non-core assets, the group, now with only about 100 subsidiaries, has returned to health. It has just reported its highest profits in 35 years. In fact, it's now far healthier and stronger than before," he said.

Sumet suggested that all the efforts towards sustainable development through sufficiency economics should focus on three key points: moderation, rationale and immunity - or risk management in today's business terms.

Moderation means that the country should ensure that its development targets are commensurate with its actual potential. In other words, it should not overdo or become overly ambitious.

Rationale means the development path chosen ought to be practical and realistic.

Immunity means that the overall risk, or uncertainty, must be properly managed to reduce exposure.

Ultimately, the concepts of sufficiency economics are not just for national development or business and industry, but are also useful for individuals in managing their daily lives with the goal of being happy.

 Nophakhun Limsamarnphun

 nop1122@yahoo.com