Document Type : ORIGINAL RESEARCH ARTICLE
Authors
1
Armenian State University of Economics, Yerevan, Armenia,
2
Yerevan Branch of Plekhanov Russian University of Economics, Yerevan, Armenia
3
Institute of Economics after M. Kotanyan National Academy of Sciences of the Republic of Armenia, Yerevan, Armenia
Abstract
BACKGROUND AND OBJECTIVES: The assessment of quality of life is a complex, multi-dimensional task that incorporates both objective and subjective indicators. Traditional economic metrics often fail to fully capture the true well-being of populations. This paper aims to analyze existing methods for assessing quality of life, propose a comprehensive and flexible index that integrates multiple indicators, and highlight the importance of balancing objective and subjective criteria to better understand the dynamics of population well-being across different countries.
METHODS: The study reviews various approaches to measuring quality of life, including objective, subjective, and complex methodologies. It synthesises data from international research, including indices such as the Human Development Index, the Euromodule, and the Happiness Index, among others. The authors develop a new assessment framework based on constructing composite indices from selected indicators across the economic, social, demographic, and environmental sectors, integrated in a linear form with weights defined by factor analysis. Graphical data analysis, normalisation, and index formation techniques are used for comparative assessments across countries.
FINDINGS: Existing methods, such as the Human Development Index and the Happiness Index, have limitations in capturing the full scope of quality of life due to their focus on either objective or subjective components alone. The proposed complex quality-of-life index, integrating multiple sub-indicators, offers a more comprehensive picture of population well-being. It shows that in Armenia quality-of-life score gradually increased from 0.321 in 2012 to 0.355 in 2018, but after reaching its highest point, the score decreased to 0.337 in 2019, remaining lower at 0.353 in 2020 and 0.336 in 2021. This indicates that the country experienced a decline or volatility in quality-of-life measures in recent years. Despite these fluctuations, the scores remained within a relatively narrow range (approximately 0.321 to 0.355), suggesting that while improvements and setbacks occurred, the overall level of quality of life remained moderately stable over the last decade.
CONCLUSION: The complex approach presented provides a valuable framework for ongoing international comparisons and for tracking changes in quality of life over time, emphasizing the importance of integrating diverse socio-economic and cultural factors into quality-of-life assessments.
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