Life satisfaction and digital transformation of society evidence from European economies

Life satisfaction is the most important social indicator of life quality. 33 European countries and data for them for 2016-2018 were selected. Four regressions with set variables that impact life satisfaction are constructed using the general least square techniques with random effects. It is found that if mean and median income increases by 10,000 euro, the life satisfaction increases by 0.42 points. However, when the income per capita starts to be bigger than 59,177, the life satisfaction levels decrease. The study proved the inverted U-shape relations between economic growth and life satisfaction. After some critical points in the population's well-being, other factors are needed to improve life satisfaction. It is found that when the employment rate increases by 10%, life satisfaction increases by 0.7. If arrears increase by 10%, life satisfaction decreases by 0.36 (it is more pleasant to leave in smaller states). If human resources in science and technology increase by 10%, life satisfaction increases by 0.5, proving that all new advances lead to technological progress and influence the quality and standard of living.