Development Economic Review

A Book Review of Will Dollars Save the World?

2026-06-11T10:54:02+07:00

This book review presents an analytical assessment and critical interrogation of Henry Stuatt Hazlitt’s work, Will Dollars Save the World? Published in 1947, the work gives the readers an informed, legible, and relatively persuasive account of Hazlitt’s perspective on the disadvantages of an American-led economic recovery and rehabilitation of postwar Europe which, when seen from contemporaneous lens, makes his work part of the eccentric part of the published literature. Hazlitt tellingly formulated his arguments contrariwise to the Marshall Plan, which he considers as an offspring of the feeling of mutual reciprocity borne out of political and emotional entanglements of the American government during the Second World War with the war-ravaged European nation-states, not as a legitimate attempt to seize the opportunity to critically introspect the true reasons behind the pauperized economic conditions of these nation-states. Ultimately, regardless of being published in the mid-20^th century, Hazlitt’s riveting and eye-opening account of a polarized viewpoint of American economic relations with the postwar world evinced remnants of the perils of political initiative and other related spheres of action, which are still lingering on the 21^st century world.

Evaluation of Knowledge, Attitude, and Behavior Intention Generation Z about the Global Nature and Climate Change

2026-02-09T13:50:10+07:00

This research paper investigates the structural interrelationship among knowledge and attitude toward Generation Z behavior, using Partial Least Squares Structural Equation Modeling (PLS-SEM), and bootstrapping is used. Data was distributed 600 structural questionnaires and 462 participants aged 18-30 years old from various regions in Thailand. It uses mixed methods through quantitative and qualitative, with group focus discussion with 30 samples conducted to gain deep insights into mindset and subconscious, the importance and impact of global nature and climate changes, with behavioral to shape this environment. Herewith, mediated analysis by attitudes, both the direct and indirect effects of knowledge on behavior in terms of production, consumption, transportation, and disposal activities in a context where non-linear plays a critical role. The results reveal that global nature and climate change not only influence their actions, but also their recognition, which is a strong influence on their consciousness, leading to their action. Furthermore, this study highlights the importance of attitude cultivation in influencing social responsibility.

Digital Adoption and Labor Productivity in Thai Enterprises: A Quantile Regression Analysis from the World Bank Enterprise Survey 2025

2026-08-19T08:47:24+07:00

This study examines the relationship between digital technology adoption and labor productivity among Thai enterprises, using the World Bank Enterprise Survey (WBES) Thailand 2025 (813 firms). We estimate log labor-productivity equations using OLS and Quantile Regression (Q10–Q90), decomposing digital adoption into three pillars: Infrastructure (D1), Transaction (D2), and Integration (D3). The aggregate Digital Total Score is positively associated with labor productivity (β = 0.119, p < 0.01), equivalent to a 12.6 percent difference per one-point increase. This association varies across the productivity distribution: lower-to-middle quantile firms (Q10–Q50) associate more strongly with basic infrastructure, while upper-quantile firms (Q75–Q90) associate more strongly with integration — a digital-ladder-type pattern interpreted cautiously given the cross-sectional data. The interaction between the digital score and firm size is negative and significant (β = −0.083, p < 0.01), indicating a comparatively stronger association among smaller firms. As the data are cross-sectional, findings should be read as associations rather than causal effects. Results carry policy relevance for Thailand's digital transition, suggesting differentiated support instruments matched to firms' productivity position may outperform a uniform approach. The paper contributes by decomposing digital adoption into three pillars and documenting heterogeneous digital-productivity associations across the distribution.

Modeling Cost-of-Carry Dynamics for Statistical Arbitrage on the Thailand Futures Exchange

2026-08-24T08:40:55+07:00

This study evaluates the pricing efficiency of the cost-of-carry model within the Thailand Futures Exchange (TFEX) and investigates whether short-term pricing deviations can be systematically exploited. Employing the Engle-Granger two-step cointegration method, the Error Correction Model (ECM), and joint hypothesis testing, the study analyzes the dynamic relationship between index futures, single-stock futures, and their respective underlying assets using 15-minute and 1-hour timeframes. The empirical findings reveal that although a long-term cointegrating relationship exists, the relationship is not characterized by one-to-one equilibrium. Instead, most of the estimated slope is slightly below one, so the gap between the actual and theoretical price moves in the negative direction as the price level rises. By first identifying this specific relationship, the study then utilizes it as the baseline to design a systematic pair trading framework. Consequently, the short-term deviations used as trading signals are extracted from the residuals of this estimated linear relationship, rather than direct deviations between actual and theoretical prices. The model generates robust positive net returns across all tested assets and remains profitable even after fully accounting for transaction, borrowing, and bid-ask costs.

An analysis of Thailand's wellness economy competitiveness in ASEAN.

2026-03-27T10:59:38+07:00

The wellness economy, encompassing industries that promote health, well-being, and quality of life, has emerged as a rapidly expanding global sector. Post COVID-19, heightened public awareness of health has driven projections by the Global Wellness Institute (GWI) of an average annual growth rate of 8.6%, surpassing global GDP. Within ASEAN, wellness spending is concentrated in five countries—Indonesia, the Philippines, Thailand, Malaysia, and Vietnam—accounting for nearly 90% of the regional market. While most countries demonstrated resilience during the pandemic, Cambodia, Laos, and Thailand experienced severe contractions due to their dependence on international tourism. Using the BCG Matrix framework (2019–2022), this study assesses Thailand’s competitive trajectory, revealing strong positions in wellness tourism and spas but structural vulnerabilities arising from overreliance on these sectors. The findings underscore the need for strategic diversification into high-potential areas, including preventive and personalized medicine, healthy eating and nutrition, mental wellness, and wellness real estate. Expanding into these domains would enhance resilience, reduce risk exposure, and strengthen Thailand’s capacity to position itself as a sustainable ASEAN and global wellness hub.

Keywords: Wellness Economy, Competitiveness, ASEAN, Health, Sustainable Development

Cost Benefit Analysis of Continuous Flooding Rice and Alternative Wetting and Drying Rice Cultivation

2026-08-03T11:30:46+07:00

This study aims to analyze the financial and economic costs and benefits of Continuous Flooding (CF) and Alternative Wetting and Drying (AWD) rice cultivation methods in the central region of Thailand. The data were collected from both existing documents of the relevant agencies and directly from rice farmers. The collected data were then analyzed using Cost-Benefit Analysis (CBA). The objectives of this study are to compare the financial and economic feasibility between different rice cultivation systems. The study also aims to provide supporting information for policy formulation and guidelines to promote sustainable rice production in the future under climate change conditions, and greenhouse gas mitigation. The results show that while Continuous Flooding (CF) and Alternative Wetting and Drying (AWD) cultivation are financially viable in all areas of the central region, but most areas are not economically viable. Even though Continuous Flooding (CF) cultivation is financially profitable in most areas, its value is not high. This study suggests Thailand should reduce its rice plantation areas as the benefits accrue to the farmers do not justify the government subsidies. Thailand also needs to transform economically unviable rice plantation areas into smart farming as it will reduce rice subsidies as well as raise income to the farmers. The reduction in rice plantation areas will also enhance Thailand’s greenhouse gas mitigation without the need for AWD investments.

Societal Correlates of Healthy Ageing in Thailand

2026-08-04T12:55:55+07:00

One of the major challenges of Thailand’s ageing society is that, although life expectancy has continued to increase, active life expectancy (defined here as the expected years of independent living) has not increased at the same pace and has instead declined. This trend is primarily attributable to the rising prevalence of non-communicable diseases (NCDs), which adversely affects physical functioning, the ability to perform daily activities, and the quality of life of older adults. This study aims to examine the societal determinants of healthy ageing in Thailand. Self-rated health satisfaction is employed as a proxy measure of healthy ageing among survey respondents. Ordinary Least Squares (OLS) and Ordered Probit models are employed to identify the factors associated with healthy ageing. The findings reveal that the determinants of healthy ageing vary significantly across age groups and geographical areas. For example, while urban residents report significantly lower comparative self-rated health satisfaction than rural residents in the overall sample, age-stratified analyses reveal heterogeneous effects. Urban Baby Boomers (aged ≥54 years) report higher comparative self-rated health satisfaction than their rural counterparts, whereas the opposite pattern is observed among Generations X and Y. These results suggest that individuals at different stages of life and those living in different provinces and residential settings (urban and rural) face distinct challenges that require differentiated environmental, economic, and public service policy responses. The findings therefore support the decentralization of authority to local governments, enabling them to work collaboratively with the private sector and households to design place-based interventions that promote healthy ageing and effectively address the priority challenges and needs of their communities.