Applying the Philosophy of Sufficiency Economy to Community Economic Development During the COVID-19 Pandemic

Abstract

The objectives of this academic article titled “Applying the Philosophy of Sufficiency Economy to Community Economic Development During the COVID-19 Pandemic” are to analyze the community economic development during the COVID-19 pandemic and to gather theoretical concepts related to the Sufficiency Economy Philosophy. Also, this article aims to propose guidelines for developing and recovering the community during the COVID-19 pandemicby applyingthe Sufficiency Economy Philosophy to community economic development based on the principles of moderation, rationality, and self-immunity under the concepts of knowledge and virtue. The COVID-19 pandemic affects economies in many countries around the world including Thailand and its public and private sectors. This leads to applying the Sufficiency Economy Philosophy to solving economic problems arising from the COVID-19 pandemic. The Sufficiency Economy Philosophy was initiated by His Majesty the late King Bhumibol Adulyadej, or King Rama IX, as guidelines for improving the livelihood of Thai people of all levels. Moreover, it can be applied to developing the country in terms of economic and social development at both large organizations and small organizations such as communities and households. This can lead to the revitalization and progressive development of the economy and society by adhering to the principles of moderation in life, rationality in decision-making, and self-immunity under the concepts of knowledge and virtue.