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THERE is a growing body of lit- erature encouraging us to em- brace the present. Psychologists, philosophers and mindfulness practitioners increasingly ar- gue that many of our anxieties stem from living either in the past or in the future. We spend too much time regretting what has happened or worrying about what might happen instead of appreciating what we have to- day. Economics, however, has always taken a rather different view. At its core, economics is about making choices across time. It asks how much we should con- sume today and how much we should save for tomorrow. It examines whether investing in education today produces high- er incomes in the future, wheth- er governments should sacri- fice short-term popularity to build long-term prosperity and whether societies are prepared to postpone immediate gratifi- cation in exchange for greater opportunities for the next gen- eration. Every investment, every reform and every budget is ulti- mately an exercise in balancing the needs of the present with the aspirations of the future. This distinction has become increasingly relevant in Malta. Over the past decade, the country has experienced an ex- traordinary period of econom- ic expansion. Employment has reached record levels, incomes have risen, businesses have flourished and public finances have benefited from sustained growth. These are genuine achievements that deserve rec- ognition. Economic growth is not an abstract statistic. It mat- ters because it creates oppor- tunities, raises living standards and allows people to enjoy a better quality of life. Yet success changes the ques- tions that countries need to ask themselves. The challenge facing develop- ing economies is often how to create growth. The challenge facing successful economies is how to sustain it. These are fundamentally different prob- lems requiring fundamentally different policies. As economies mature, the emphasis gradually shifts from quantity to quality, from expansion to productivity and from creating prosperity to ensuring that prosperity can endure. This is what I like to de- scribe as the economics of now. It is not an ideology but a way of thinking. It celebrates the outcomes that citizens experi- ence immediately—higher dis- posable incomes, stronger con- sumption, record employment, buoyant tourism and economic growth. These are all legitimate measures of success. The diffi- culty is that they are largely the consequence of decisions taken years earlier. They tell us how well the economy is performing today, but they tell us far less about how prepared it will be for the next decade. If there is one event that per- fectly illustrates the Economics of Now, it is the recent electric- ity outages. It's the infrastructure, stupid James Carville's famous cam- paign slogan, "It's the econo- my, stupid," became legendary because it reminded politicians to focus relentlessly on the issue that ultimately mattered most. Perhaps Malta now needs a dif- ferent reminder. 'It's the infrastructure, stupid.' Not because electricity is sud- denly the country's greatest challenge, but because electric- ity has become impossible to ignore. The recent power cuts are not simply an energy story. They are the first visible mani- festation of something that has been quietly developing across much of the Maltese econo- my—infrastructure stress. There is a temptation to re- duce the discussion to over- loaded distribution cables, sub- stations, technical failures or emergency repairs. Those are undoubtedly important opera- tional questions. They are not, however, the most important economic question. The more important question is why our infrastructure is in- creasingly finding itself operat- ing so close to its limits. Infrastructure is the invisible operating system of an econo- my. Roads, electricity networks, water distribution, digital connectivity, ports, hospitals, schools, universities and public administration are often dis- cussed as separate policy areas, yet economically they perform exactly the same function. They reduce friction. They allow peo- ple to move efficiently, busi- nesses to invest confidently, in- stitutions to operate effectively and innovation to flourish. When infrastructure functions well, nobody notices it. When it begins to fail, the costs spread rapidly throughout the econo- my. That is why infrastructure is one of the few investments that only becomes visible when it has already become insufficient. Nobody celebrates a new elec- tricity distribution centre. Few politicians win votes because additional redundancy has been built into the grid. Replacing underground water pipes rare- ly generates public excitement. Expanding digital capacity be- fore demand requires it is often criticised as unnecessary ex- penditure. These investments appear expensive precisely be- cause their success is measured by the crises that never happen. Until one does. Perhaps the recent outages tell 10 maltatoday | SUNDAY • 26 JULY 2026 OPINION JP Fabri The economics of Economist NOTIFICATION TO LAND OWNERS IN TERMS OF ARTICLE 34(1)(e) AND SUB-ARTICLE 71(5) OF THE DEVELOPMENT PLANNING ACT, 2016 DESCRIPTION OF PROPOSAL: Proposed Upgrading of Junction at Triq Tal-Barrani c/w Vjal il-Ħamsa u Għoxrin ta' Novembru, Żejtun/Għaxaq Infrastructure Malta is informing the land owners of its intent to seek approval from the Planning Authority to carry out civil works at Triq tal-Barrani c/w Vjal il-Ħamsa u Għoxrin ta' Novembru, Żejtun/Għaxaq, in connection with proposed junction upgrading including widening of existing roads. The project shall be a…ecting properties marked in the above site plan. Land owners may wish to contact Infrastructure Malta by e-mail on info.im@infrastructuremalta.com or by phone on 23341000. VJAL IL-ĦAMSA U GĦOXRIN TA' NOVEMBRU TRIQ TAL-BARRANI