Prof Hinaunye Eita Director The Karl Mittermaier Centre for the Philosophy of Economics (KMCPE), located within the School of Economics, was established to recognise, honour, and continue the legacy of Professor Karl Mittermaier. While Professor Mittermaier spent his academic career at the University of the Witwatersrand, his intellectual legacy has found a renewed and enduring home through a unique partnership between the University of Johannesburg and Mrs Isabella Mittermaier (Karl Mittermaier’s widow). The Centre stands among the University of Johannesburg’s distinguished research entities, ensuring that his philosophical approach to economics remains vibrant, relevant, and influential. This partnership represents more than institutional collaboration; it embodies the continuation of Professor Mittermaier’s vision. The core mission of the Centre is to promote and advance the work of Karl Mittermaier, an exceptional scholar whose contributions span both economics and philosophy. His work continues to gain international recognition—for instance, The Hand Behind the Invisible Hand: Dogmatic and Pragmatic Views on Free Markets and the State of Economic Theory was ranked 28th among the “50 Best Economics Theory Books of All Time” by BookAuthority. The establishment of the Centre is particularly timely. Renewed global attention to the philosophical foundations of economics, especially in the wake of recent economic crises, has amplified the relevance of Mittermaier’s work. The Centre’s mission aligns closely with the School of Economics’ commitment to generating new ideas that address pressing societal and economic challenges. A defining feature of Mittermaier’s scholarship is his distinction between economic theory and methodology. He argued that while economics increasingly employs sophisticated analytical tools, its underlying subject matter is often insufficiently understood. His work raises enduring questions that remain central to the discipline today: How do we distinguish between the tools of economics and its true subject matter? What philosophical foundations underpin economic theory? And how can we develop new ways of understanding economic phenomena rather than merely applying existing tools in new contexts? Mittermaier’s legacy transcends institutional boundaries. His contribution lies in bridging rigorous economic analysis with deep philosophical inquiry. Through the establishment of the Centre, future generations of economists are encouraged to engage in the fundamental questions he KARL MITTERMAIER CENTRE FOR ECONOMIC PHILOSOPHY (KMCEP) School of Economics posed. His work, particularly in the philosophy of economics and institutional economics, was both visionary and ahead of its time. In today’s context of complex global economic challenges, his insistence on understanding the essence of economic inquiry, rather than merely refining analytical tools, resonates with renewed urgency. In honouring Karl Mittermaier, the University of Johannesburg celebrates not only a distinguished economist but also a thinker who recognised that economics is ultimately about human understanding and the pursuit of knowledge that serves society. His legacy endures in scholars who move beyond conventional boundaries and in researchers who ask not only “how,” but also “why” and “what does this mean.” The Centre also commemorates its legacy through key academic events. The University of Johannesburg conferred a posthumous Honorary Professorship in Economics on Professor Karl Mittermaier on 25 June 2025. On the same day, the inaugural Karl Mittermaier Annual Lecture was held at the University of Johannesburg, attended by over 50 participants from academia and industry. The keynote address was delivered by Professor Alain Marciano from the University of Turin, titled “What should economists do? Karl Mittermaier’s answer.” The event also featured an overview of the Centre’s activities by Dr Michael Stettler from UJ School of Economics and words of appreciation by Professor Christopher Malikane, a former student of Professor Mittermaier, who emphasised the importance of avoiding oversimplification in economic theory. The annual lecture forms part of the Centre’s broader mission to generate societal impact through research and teaching in the philosophy of economics, ensuring that Karl Mittermaier’s intellectual legacy continues to inspire and shape future scholarship. 62 63 College of Business and Economics | Annual Report 2025 College of Business and Economics | Annual Report 2025
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