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The present article has focused on the theoretical and practical aspects of the measurement of quality of life by the quality of life index (IQOL). A special focus of the present article is placed on complexity of quality of life measurement. In the article, an integrated Quality of Life Measurement Model and IQOL are formulated on the basis of theoretical assumptions and synthesis of factors of external and internal environments of quality of life and indicators reflecting them. The Quality of Life Measurement Model presented in the article has been empirically tested assessing quality of life in 20 purposefully selected developed and emerging economies of the European Union during the period from 2005 till 2013. The newly created IQOL is one of the ambitions to promote the methodological background for business and political actors and improvement of the quality of life in emerging economies.

Many scholars have argued that increasing an average income did not raise an average subjective well-being, a claim that became known as Happiness Paradox, namely Easterlin Paradox. The present article has focused on the theoretical and practical aspects of the relationships of subjective well-being and income but a special focus is on the assessment the validity of this claim in comparisons of both rich and poor countries, as well as over a short, medium and long period. Analyzing multiple datasets, multiple definitions of "basic needs" and multiple questions about well-being, we have not found any support for Easterlin Paradox over a shortterm period. The relationship between well-being and income is roughly linear-log and does not diminish as incomes rise. However, higher income is no longer associated with higher in subjective well-being over the long period.