• Michael R. Hammock
  • J. Wilson Mixon


The open-source software system Maxima can compute and manipulate data symbolically, numerically, and graphically. Systems like Maxima are called Computer Algebra Systems. Maxima’s capabilities can greatly aid the study of economics. Its symbolic abilities can reduce the amount of tedious algebra that can be required to solve problems. Also, its use reduces the chance of computational errors. More importantly, Maxima’s numeric and graphical abilities help analysts go further into a given problem and extract insights and interpretations that might otherwise be missed. This chapter introduces the salient aspects of Maxima as it applies to microeconomic analysis.


Computer Algebra System Explicit Function Symbolic Analysis Input Group Dollar Sign 
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  1. 1.
    Abramowitz M, Stegun IA (eds) (1964) Handbook of mathematical functions. U.S. Government Printing Office, WashingtonGoogle Scholar
  2. 2.
    Development Team (2013) Maxima reference manual.
  3. 3.
    Woolett EL (2012) Maxima by example.

Further Readings

  1. Leydold J, Petry M (2011) Introduction to maxima for economics. provides a good overview of Maxima and introduces its use in economics
  2. Maxima Development Team (2013) Maxima reference manual. The standard reference, provided in five languages, is also available inline via the wxMaxima help menu or the F1 key
  3. Urroz GE (2009) Maxima book. A good, though slightly dated, introduction to wxMaxima
  4. Vodopivec A (2013) wxMaxima. This website, maintained by wxMaxima’s creator, contains workbooks that provide guidance, along with links to related material
  5. Woolett EL (2012) Maxima by example. The material at this site introduces Maxima and applies it to topics that are direct to physicists, but develops techniques that economists often use

Copyright information

© Springer Science+Business Media, LLC 2013

Authors and Affiliations

  • Michael R. Hammock
    • 1
  • J. Wilson Mixon
    • 2
  1. 1.Department of Economics and FinanceMiddle Tennessee State UniversityMurfreesboroUSA
  2. 2.Berry CollegeMount BerryUSA

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