Preheat oven to 325 degrees (if you are making them immediately).
In the bowl of a standing mixer, add the butter and sugars and beat on medium speed for about 5 minutes or until creamy.
Add the egg, egg yolk and vanilla bean paste, increase speed to high and beat for 2 -3 minutes until light and creamy.
In a small bowl, whisk together the baking soda, baking powder and water.
Reduce mixer speed to low and add the baking soda mixture, flour, malted milk powder (if using) and salt. Beat until just combined.
Remove the bowl from the standing mixer and fold in the chocolate chips or discs.
To bake immediately:
Using an ice cream scoop, place cookie dough balls about two inches apart on a parchment lined baking sheet. Bake for 16 minutes. Remove from oven and cool on wire racks.
To freeze for later:
Using an ice cream scoop, place cookie dough balls on a parchment lined baking sheet. Place in freezer for one hour or until completely frozen. Remove from freezer, transfer to a freezer safe container or zip lock bag. Return to freezer until ready to bake. Label the cookie container with baking instructions.
To bake from frozen:
Remove the desired number of frozen dough balls from the freezer and place about two inches apart on a parchment lined baking sheet. Preheat oven to 350 degrees. Bake for 16 minutes or until your cookies have reached your desired crispness.