The Economic Risk Management Factors of Sufficiency Economy Community, Ban Dok-bua, Phayao Province

Abstract

The purposes of this research were 1) to study the social and economic structure and the economic risk management of sufficiency economy community in Ban Dok-Bua village, Phayao Province and 2) to find measures and plans to control economic risks of sufficiency economy community in Ban Dok-Bua village, Phayao Province. Questionnaires, interviewing forms and focus group discussion form were used to collect both quantitative and qualitative data from 208 households in the village, including 10 community leaders, 13 chiefs of production groups and concerned officers.

The findings of this research are described as follows:

In terms of the social and economic structure and the economic risk management, twelve risk factors were found and listed as follows: 1) the use of chemicals in agriculture risks for rice and weed control in agricultural plots 2) rice production risks due to lack of knowledge on the management side of the business 3) declination of sufficiency economy inheritors risks caused by children to study and work outside the area 4) the risks of water for agricultural irrigation caused by the catchment area of the community is compromised and natural disasters 5) insufficient knowledge of AEC risks such as foreign languages and cultural traditions 6)the risks of the higher living expenses because of the community lifestyle changes and more consumptions 7) handicraft’s raw materials risks because the handicraft from this community is more accurate 8) homestay management risks to be modern and standard system for tourists. 9) alternative energy risks that it’s not enough with the rising demand 10) waste management risks both from the community itself and tourists who lack awareness of environmental management  11) elderly’s health risks and the number of elderly people increases and 12) the epidemic of illegal drugs risks due to the dynamics of globalization and easier access to various media.

In terms of measures and plans to control economic risks of sufficiency economy community in Ban Dok-Bua village, Phayao Province were found as follows: 1) the preparation of household accounts 2) the measures to increase revenue 3) the guidelines for reducing household expenditures and 4) creating consciousness and inheritance knowledge. Based on the above measures and plans, the sufficiency economy philosophy as a guide to solving problems.

Research recommendations were the community should develop its potentials, focus on Sufficiency Economy, and preserve the knowledges and folk wisdoms. More than that, networking is necessary to knowledge exchange and implementation of joint activities.