Economic Paradigm and Demand-Side Populist Policies in Thailand

Author:

Phumma Naphon,Vechsuruck TanadejORCID

Abstract

AbstractIn the last decades, demand-side populist policies (DSPPs) have played a significant yet controversial role in Thai politics. Most Thai economists disagree with DSPPs. They have argued that such policies are inefficient and have suggested the Thai government drop short-sighted DSPPs and replace them with supply-side policies that are more effective in the long run. However, Thai politicians have viewed DSPPs as unavoidable for political reasons and turned a deaf ear on economists’ suggestions to stop issuing them. In this paper, we argue that the domination of the neoclassical economics paradigm prevents Thai economists and politicians from understanding the role of DSPPs in shaping the demand and supply sides of the macroeconomy in both the short run and long run. Based on the theory of transformational growth, DSPPs are endogenous phenomena emerging from Thailand's uneven economic development. Therefore, Thailand could implement the policies to facilitate long-run economic growth. We propose three principles for future DSPPs that can positively impact the economy in the long run: boosting productivity, promoting innovation, and addressing income inequality.

Publisher

Cambridge University Press (CUP)

Subject

Sociology and Political Science,History,Anthropology,Geography, Planning and Development,Cultural Studies

Reference59 articles.

1. Thairath . 2016. “Ruam tee sud! project kra tun setrakid pee 59 khong kwan jark ruttabarn hai khon thai [2016 Stimulus plan: A gift from Thai government for Thai people],” 30 December. https://www.thairath.co.th/content/821490.

2. A Contribution to the Theory of Economic Growth

3. Laothamatas, Anek . 2006. “Taksina-prachaniyom: kwarmmai punha lae tarngork [Taksina-Populism: Meaning, problems, and solution].” King Prajadhipok's Institute, July. http://kpi.ac.th/media_kpiacth/pdf/M8_173.pdf.

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