Edward Tower

Edward Tower

Professor with Tenure

External Address: 
228C Social Sciences Bldg, Box 90097, Durham, NC 27708
Internal Office Address: 
Box 90097, Durham, NC 27708-0097
(919) 660-1818

Professor Tower specializes in finance, computable general equilibrium modeling, macroeconomics, development economics, microeconomics, and managerial economics. He conducts a majority of his research within the study of trade and development, exploring a variety of variables from tariffs, quotas, and time zone arbitrage, to equities, mutual funds, and index mutual funds. Since he began publishing his work in 1965, he has contributed over 130 articles to leading academic journals and has had several books, chapters, and papers appear in print. Some of his more recent writings include, “School Choice: Money, Race, and Congressional Voting on Vouchers,” completed in collaboration with O. Gokcekus and J. Phillips; “Rational Pessimism: Predicting Equity Returns by Tobin’s q and Price/Earnings Ratio” with M. Harney; and “Predicting Equity Returns for 37 Countries: Tweaking the Gordon Formula” with K. Reinker. Much of his work pertaining to U.S. trade policy has been used to determine congressional voting on protectionist issues based on campaign contributions. His work on financial issues has also played an important role in determining the value of the U.S. stock market. His latest studies involved an investigation of congressional voting on importation of ethical drugs and predicting returns on both foreign and U.S. equity.


  • Ph.D., Harvard University 1971
  • M.A., Harvard University 1967
  • B.A., Harvard University 1964

Tower, Edward. “The Optimum Incentive-Schedule Tariff.” The Canadian Journal of Economics 11, no. 4 (November 1978): 726–726. https://doi.org/10.2307/134378. Full Text

Tower, Edward, Alain Sheer, and Hessel J. Baas. “Alternative Optimum Tariff Strategies as Devices for Transferring Real Income.” Southern Economic Journal 45, no. 1 (July 1978): 18–18. https://doi.org/10.2307/1057613. Full Text

TOWER, E. “EFFECTIVE PROTECTION OF CANADIAN EXPORTING INDUSTRY - FURTHER COMMENT.” Quarterly Review of Economics and Business 18, no. 4 (1978): 102–5.

Tower, E. “Inelastic offer curves, stability and the difference between tariffs and quotas.” Atlantic Economic Journal 5, no. 3 (December 1, 1977): 64–67. https://doi.org/10.1007/BF02299901. Full Text

Tower, Edward. “Dynamic Stability and the Choice Between Fixed and Flexible Exchange Rates.” The Economic Journal 87, no. 345 (March 1977): 81–81. https://doi.org/10.2307/2231834. Full Text

Sweeney, R. J., E. Tower, and T. D. Willett. “The ranking of alternative tariff and quota policies in the presence of domestic monopoly.” Journal of International Economics 7, no. 4 (January 1, 1977): 349–62. https://doi.org/10.1016/0022-1996(77)90052-6. Full Text Open Access Copy

Tower, E. “Ranking the optimum tariff and the maximum revenue tariff.” Journal of International Economics 7, no. 1 (January 1, 1977): 73–79. https://doi.org/10.1016/0022-1996(77)90006-X. Full Text Open Access Copy

Kemp, M. C., and E. Tower. “On the Shape of the Trade Indifference Curve: Rejoinder to Batra.” American Economic Review, September 1976. Open Access Copy

Tower, E. “The Estimation of the Cost of Adjustment to External Disequilibria: Comment.” Review of Economics and Statistics, August 1976, 382–83.

Tower, Edward. “The Optimum Tariff Retaliation and Autarky.” Eastern Economic Journal 3, no. 2 (April 1976): 72–75.