Sufficiency Economy Philosophy: A Management Framework for Modern Executives

Abstract

The Sufficiency Economy Philosophy, graciously bestowed by His Majesty King Bhumibol Adulyadej The Great as a guideline for sustainable development, has become an important framework for management in the current era. This article aims to study the application of the Sufficiency Economy Philosophy principles in modern organizational management and propose a conceptual framework for implementation by contemporary executives. This study employs qualitative research methods through literature review, in-depth interviews with executives who have successfully applied the Sufficiency Economy Philosophy, and case studies from various organizations. The findings reveal that the Sufficiency Economy Philosophy can be effectively applied in management, particularly in strategic planning, risk management, organizational sustainability development, and building strong organizational culture. This article presents a model for applying the Sufficiency Economy Philosophy for modern executives, consisting of three core principles: moderation, reasonableness, and good immunity, along with the essential conditions of knowledge and virtue. Implementing these principles will help organizations adapt and grow sustainably amidst the changes and uncertainties of today's business environment.