At the start of a new year, we all express our desires for the coming 12 months. Some even make resolutions to improve one or more elements of their behaviour.

I believe that in 2025, we need to give priority to moral consciousness. The word ‘moral’ may raise an eyebrow or two as the word may have religious or spiritual connotations. Nothing of the sort. It is the awareness that an action, a decision or a policy has a moral dimension and can bring about positive or negative consequences.

At a public sector level, it may be applied to both social and economic policies. I am more interested in the latter aspect.

Many believe that an economic theory is amoral by definition; that is it is unconcerned about the rightness or wrongness of something. However, economic actions, decisions and policies do have a moral dimension. For example, if an economic policy leads to increased income inequality, one cannot ignore the negative consequences of such a policy and the policy may be judged to be a wrong one.

My desire for 2025 is that we become more morally conscious of what we are doing in our economic policies, decisions and actions. This is not only applicable to Malta but worldwide.

Turning to more specific issues, there are a number of areas where such moral consciousness is required in the field of economic management in its widest sense.

One area is artificial intelligence. Recently, the person credited with having fathered emotional intelligence was quoted as saying that unless AI is regulated, the human race risks becoming extinct in a few decades.

It is now accepted knowledge that AI will bring about dramatic changes to the global economy and to national economies. However, the moral dimension of leaving AI unregulated needs to be understood and action needs to be taken.

We need to become more aware of the moral dimension of our economic decisions and policies

A second issue is the environmental damage being caused by certain economic activities. In Malta, construction and building development is a major cause of environmental damage. There are other causes in other countries. In any case, we cannot remain oblivious of the negative impact of such activities on our quality of life and that of future generations.

It has often been said that in spite of public pronouncements, today’s economy is not an inclusive one. Unless one fits in pre-established stereotypes, holding on to a job can be very difficult. The job market may look very inclusive for neurotypical persons, because the education system is also structured to promote such stereotypes. However, it excludes neurodiverse persons. The economy which excludes has a moral dimension as well which needs to be understood.

The next issue I would like to mention is one that is close to home. A decision was taken to promote economic and cultural activities in Valletta. This was certainly not a bad decision. However, some of these activities have ended up causing great discomfort to the residents of our capital city. Surely such discomfort can only be judged as wrong.

Sleaze and corruption cannot be ignored in this list. I will leave the cases which have to do with the public sector to the judicial system, the media and others. But I would like to highlight the sleaze which one finds in private deals and transactions. It may be described as petty in several cases, but it demonstrates a system of conduct which is gradually eroding the solidity of our economy.

I am sure I have left out some issues which readers may feel strongly about. What all these issues show is that some individuals are reaping the economic benefits while the general public ends up paying the social costs.

In the coming 12 months, we need to become more aware of the moral dimension of our economic decisions and policies by ensuring that the common good prevails over the private wealth of the few.