So, which position would be best for the central bank governor who has reaped high praise from the local and foreign business communities for his smooth manoeuvres over the past years? Some say he should be finance minister, who would have a major say over where the national budget should be allocated to fit overall economic goals.

Over the past two days, Pridiyathorn has proven that he is capable of taking financial command.

When the entire nation was perplexed with Surayud's promise to uphold sufficiency-economy principles, not understanding how this would fit in with Thailand's craving for a larger role in the world economy, Pridiyathorn showed that he was a quick learner.

Asked by reporters on Monday to explain how a sufficiency economy could fit in with market-oriented policies, he said: "I will have to think it over, but they should be compatible." He did not elaborate.

Yesterday morning, he faced a similar question and he was more than ready to answer. He gave reporters a very long lecture, which showed his deft understanding of the principles of a sufficiency economy and a liberalised market economy. By doing so, he demonstrated another role he could play besides central bank governor.

Spend prudently

Indeed, when Surayud first mentioned a sufficiency economy, many were afraid that Thailand would cancel all investment plans that our tax revenue could not finance.

Pridiyathorn, widely anticipated to become finance minister, jumped into the breach. We can still invest, he said, but we have to think thoroughly about what should be done first and what next, according to our available resources. This is perfectly reasonable. We should not spend wildly beyond our capacity, but we still have to spend to keep up with a highly competitive world.

Masahiro Kawai, head of the Asian Development Bank's Office of Regional Economic Integration, estimated that Asia needed to invest about US$3 trillion (Bt112 trillion) in infrastructure over the next decade.

With that amount, many things could happen, including magnetic levitation - trains that run along magnetic rails at speeds of up to 500 kilometres per hour. Notably, these so-called MagLev trains already exist in China and Japan.

Many new highways could also be built, and new airports to accommodate growing air traffic.

Certainly, without anything new at all, Thailand would be left behind. Thanks to Pridiyathorn's explanation, the public is now clear that despite the principles of a sufficiency economy, development is still rolling merrily along here in Thailand.

achara_d@nationgroup.com