Anoma Srisukkasem offers some comments from laymen and businessmen.

His Majesty the King introduced the sufficiency-economy philosophy 32 years ago and has developed it even further three more times since the 1997 economic crisis. The sufficiency-economy philosophy became especially popular after Prime Minister Surayud Chulanont's government promptly adopted it as the core policy of his government.

Amid shaken confidence in the future, many consumers took the philosophy as the guide on how they should live their life and spend. But to others, they still do not understand thoroughly what the philosophy means.

Torchak Pinyosinwat, manager of skincare company I-Rashi, said he was aware of the sufficiency-economy philosophy but did not understand what it really meant. He said he personally was not a spendthrift but doubted whether businessmen could adopt the philosophy in practice.

"Businesses cannot be self-sufficient, because maintaining market share is more important. If we don't try to keep our market share, then profits will fall, and the company will go bankrupt. But if we can increase our share, we'll reap a profit," he said.

The 31-year-old businessman said the government's sufficiency-economy policy might create misunderstanding among Thais. He urged the government to foster a correct understanding of it; otherwise, the economy may slow down.

"Japanese don't spend money, and as a result their country's economy cannot grow. The Thai government should not confuse the people," he said.

Tongta Itipiso, a 24-year-old taxi driver, proves that education does not matter when it comes to understanding the sufficiency-economy philosophy. His understanding is that this approach avoids greed, overspending and extravagance, while encouraging people to save for emergencies, such as an illness.

Tongta said he learned the meaning of the philosophy on his own, that it did not mean returning upcountry to farm or fish. He said the philosophy could be followed despite living in Bangkok, as long as people did not chase after trendy fashions or false modern values.

Currently, he is unable to save much money - about Bt100 to Bt200 out of his daily earnings of Bt500 - because he must pay back credit-card and personal loans totalling Bt32,000 for his girlfriend, who enjoys shopping on plastic.

"I wish I could follow the philosophy myself, because I don't spend money on unnecessary things, except for liquor. I once paid back all of my girlfriend's debts, but then she overspent again."

And his income is declining, due to a rising number of taxis in the city and fewer fares. But Tongta intends to keep on saving, because he wants to own his own car and home someday.

Tongta, who started driving taxis when he was 19, said if he could not do this for a living, then he would go home to Roi Et.

Boonchu Thongcha, a 47-year-old construction labourer, said: "The sufficiency-economy philosophy involves having Bt100 and eating Bt100 worth or less."

She came to understand the philosophy after suffering from poverty back home in Kalasin province.

"I think many cannot follow it, but I can," she said. "I must save what money I get - Bt184 for an eight-hour workday - because my job is insecure. I don't know whether the company will keep me on in the future."

Boonchu left her farm 12 years ago after deciding that her income was not worth the high investment costs. Moreover, drought and floods continuously reduced production.

She said she earned only Bt7,000 to Bt8,000 on a Bt10,000 investment.

"Farm income was enough for consumption but not for savings. Its returns could not compare with construction work, so I intend to do this job forever," she said.

Boonchu can currently save half of her Bt8,000 income, but that is in exchange for 13 hours a day of hard work at dusty construction sites from 7am to 9pm.

She rarely takes time off, because that would mean not receiving any money for that lost day.

But she is quite satisfied with her work, since her employer, Italian-Thai Development, provides good benefits, such as free accommodation and free transportation to the construction sites.

Boonchu said His Majesty's speech encouraged her to save more.

Despite rising food prices, she thinks Isaan folk can live cheaply as boiled fish and papaya salad are enough.

The key elements of the sufficiency-economy philosophy are moderation, reasonableness and resilience in the face of rapid domestic and international changes.

Pornsilp Patcharintanakul, deputy secretary-general of the Board of Trade, said the sufficiency-economy philosophy meant people should spend efficiently and have a savings plan.

Companies must invest carefully under a good business plan without overinvesting or overlending.

Meanwhile, being sufficient does not mean that a company must not find ways to expand market share.

"Consumers are not prohibited from spending, but rather should not overspend. If they have a low income, they should not buy Louis Vuitton or a Mercedes-Benz. With good planning, a company will not be damaged much even if it makes a mistake," said Pornsilp, also vice president of the Charoen Pokphand Group, Thailand's largest agribusiness conglomerate.

Personally, Pornsilp was taught to spend cautiously. He borrowed from a bank only once when he sought mortgage loan for his first home. But he managed to repay ahead of schedule.

"I spent less when I had low income and spend increasingly more when I earn more, in order to make a better life. But I have always saved as a safety net," he said.