QUALITY OF LIFE AS AN INDICATOR OF EFFICIENCY OF INNOVATIVE MODELS OF MODERN ECONOMY

The work attempted to integrate indicators of economic growth, innovation and knowledge with the quality-of-life indicator. The review of previous studies allowed determining a range of socio-economic problems of nation-states. The major components of the quality-of-life indicator were identified such as knowledge, economic growth and innovation. The composite indicator of the quality of life consists of measures and variables from the international indexes (i.e., Quality of Life Index, Human Development Index, Knowledge Economy Index, and Enabling Trade Index). The structural-institutional model of quality of life as an indicator in an innovation economy framework suggests that economic growth directly correlates with the quality of life while knowledge and innovation correlate with the economic growth at micro and macro levels. The study offered a new approach towards the definition of the quality of life as an indicator in the innovation economy framework, which effectively combines units of labor and capital to create production in the era of the Fourth Industrial Revolution. A framework for building human-centric and transhumanist development processes was established.