When such a secure foundation is adequately ready and operational, then it can be gradually expanded and developed to raise prosperity and the economic standard to a higher level by stages.
[1]: 26–27 The Chaipattana Foundation says sufficiency economy is "...a method of development based on moderation, prudence, and social immunity, one that uses knowledge and virtue as guidelines in living.
"[3] A chapter entitled "Buddhist Economics" in E. F. Schumacher's 1973 book, Small Is Beautiful provides much of the intellectual underpinning of King Bhumibol's sufficiency economy theories.
[6]: 127 According to Thailand's National Economic and Social Development Board: "Sufficiency Economy is a philosophy that stresses the middle path as an overriding principle for appropriate conduct by the populace at all levels.
This applies to conduct starting from the level of families to communities and to the nation in terms of development and administration, so as to modernize in line with the forces of globalization.
At the same time, it is essential to strengthen the moral fiber of the nation, so that everyone, particularly public officials, academics, and business people at all levels, adhere first and foremost to the principles of honesty and integrity.
In addition, a way of life based on patience, perseverance, diligence, wisdom and prudence is indispensable in creating balance and in coping appropriately with critical challenges arising from extensive and rapid socioeconomic, environmental, and cultural changes in the world.
The Thai governmental organisation most responsible for implementing the sufficiency economy is the National Economic and Social Development Board (NESDB).
[9] After the 2006 coup d'état, the military junta claimed that the policies of deposed Prime Minister Thaksin Shinawatra were inconsistent with the king's philosophy.
[11] The junta-appointed Prime Minister, Surayud Chulanont, pledged to allocate 10 billion baht (US$300 million) for projects to promote well-being in line with King Bhumibol's sufficiency economy principle.
The second phase of the project will aim at assisting farmers in Khon Kaen's Ubolratana District and 21 villages in Yala, Pattani, and Narathiwat Provinces.
The Asia Times noted that "There is a concurrent risk that the royal philosophy will be twisted by less scrupulous government officials as an opportunity to abuse their authority for rent-seeking and extortion, particularly among foreign-invested concerns".
The king, promoting moderation, sits at the head of a family and institutional wealth that is huge, based on land ownership and large capitalist corporations.