Page 74 - A Life Well-Lived Is a Beautiful Memory

by the Institute of Southeast Asian Studies to prepare a multi-authored study of the 1997-98 Asian
financial crisis and its aftermath, we immediately thought of Ajarn Bhanupong, and he wrote a

very fine and insightful paper for the volume.
More recently, I wrote a book review of his widely acclaimed 2019 volume Macroeconomic
Policies for Emerging Markets: Lessons from Thailand, an influential study that carefully evaluated
the Thai record over the previous half-century and drew out many salient lessons for his country

and many other developing countries. This book also reminded us that, while he was what may be
regarded as a “mainstream economist”, he saw Economics as having a public purpose. Although
the book focused mainly on macroeconomics, there is also a sense of urgency about poverty
alleviation and living standards for his countrymen and women, and how better macroeconomic

policies can contribute to greater prosperity.
I have the impression that Ajarn Bhanupong did not write a lot on “political economy”
issues, at least in English. But in his 2019 volume he did not mince his words. He concluded that
‘Thailand has been cursed by twin traps: the middle-income and the military coup traps’ (p.246).

Moreover, he wrote that ‘the coups [of 2006 and 2014] have shattered the foundations of long-
term growth’ (p.54), including the danger that they have resulted in ‘ineffective macroeconomic
policy management to respond to external shocks.’
Rest in peace Ajarn Bhanupong, you live on in our memories. You are an exemplar of how

to live a full and productive life, and you remain an inspiration for all of us.

Hal Hill is the H.W. Arndt Professor Emeritus of Southeast Asian Economies in the Arndt- Corden
Department of Economics, Crawford School, ANU College of Asia and the Pacific. He is the
author/editor of 18 books and about 160 journal articles. He has a Ph.D. from Australia National
University.

Hal Hill’s grandchildren

74 A Life Well-Lived Is a Beautiful Memory