Economic Paradigm and Demand-Side Populist Policies in Thailand

IF 0.9 Q2 AREA STUDIES

TRaNS: Trans -Regional and -National Studies of Southeast Asia Pub Date : 2022-01-19 DOI:10.1017/trn.2021.23

Naphon Phumma, Tanadej Vechsuruck

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引用次数: 1

Abstract

Abstract In 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.

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泰国的经济范式与需求侧民粹主义政策

在过去的几十年里，需求侧民粹主义政策(DSPPs)在泰国政治中发挥了重要而有争议的作用。大多数泰国经济学家不同意DSPPs。他们认为这样的政策效率低下，并建议泰国政府放弃目光短浅的dspp，代之以长期来看更有效的供给侧政策。然而，泰国政界人士认为，出于政治原因，dspp是不可避免的，对经济学家停止发放dspp的建议充耳不闻。在本文中，我们认为新古典经济学范式的主导地位阻碍了泰国经济学家和政治家理解DSPPs在塑造短期和长期宏观经济的需求和供给方面的作用。基于转型增长理论，DSPPs是泰国经济发展不平衡的内生现象。因此，泰国可以实施促进长期经济增长的政策。我们为未来能够对经济产生长期积极影响的DSPPs提出了三项原则:提高生产率、促进创新和解决收入不平等问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

TRaNS: Trans -Regional and -National Studies of Southeast Asia AREA STUDIES-

CiteScore

3.00

自引率

0.00%

发文量

期刊介绍： TRaNS approaches the study of Southeast Asia by looking at the region as a place that is defined by its diverse and rapidly-changing social context, and as a place that challenges scholars to move beyond conventional ideas of borders and boundedness. TRaNS invites studies of broadly defined trans-national, trans-regional and comparative perspectives. Case studies spanning more than two countries of Southeast Asia and its neighbouring countries/regions are particularly welcomed.