Sufficiency Economy for Sustainable Utility Maximization

Abstract

Economic theory emphasizes on individual’s consumption for utility maximization or the highest level of satisfaction, which finally becomes demand. The utility simply refers to the satisfaction or pleasure that a consumer experiences from a good or service. The satisfaction varies from individual to individual according to each individual’s preference.

Optimizing consumption by applying Sufficiency Economy is to choose the goods or services that give benefit and do not harm oneself and other parties, society and environment. The practice maximizes utility and welfare in the long-run.