The key role of social wellbeing in the development of modern economy is determined by the requirements that modern society brings to the government. These requirements regard to the constitutive institutions and form the basis of state-and-society contract. They include: the creation of conditions for human development, self-realization in profession, business or art, a lifetime social security guarantee, the right for benefit from investments, etc. In order to meet these requirements at the level of the 21st century society the national economy should be based on the latest technologies which form its structure so that high-tech industries producing a product with high added value dominate in it. This is the only way to maximize social wellbeing for all citizens. However, in Russia the innovative development of economy is constrained by a complex of resistant negative rules which do not allow initiating the industrial sector's recovery on a new technological basis. These rules form the “institutional traps” which are able to reproduce themselves even in changing environment conditions, giving place to de-industrialization and structural de-socialization of economy. Overcoming these institutional traps requires the state to create the institutional foundations of economic policy, in which the technological modernization and innovative development of the industry will be linked to the imperative of social wellbeing growth.