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

Cvijanovic, Vladamir, Mia Mikic, and E. Tower. “"Evaluating Croatian Equities".” Zagreb Journal of Economics 7, no. 10 (2003): 73–88.

Kaempfer, William H., E. Tower, and Thomas D. Willett. “"The Employment Maximizing Import Quota Under Domestic Monopoly".” Journal of International Logistics and Trade 1, no. 1 (2003).

Gibbs, Ryan, Omer Gokcekus, and E. Tower. “"Is Talk Cheap? Buying Congressional Testimony with Campaign Contributions".” Journal of Policy Reform 5, no. 3 (December 2002): 127–32.

Gilbert, J., and E. Tower. “Protectionism, labor mobility, and immiserizing growth in developing economics.” Economics Letters 75, no. 1 (March 1, 2002): 135–40. https://doi.org/10.1016/S0165-1765(01)00586-9. Full Text

Conway, Patrick, Wilfrid Csaplar, and Eward Tower. “"How to Encourage Exports Without a Budgetary Cost: Comment on Wang and Tsai".” Revista Internzaionale De Science Economiche E Commercialli (International Review of  Economics and Business" 47, no. 4 (December 2000): 701–4.

Tower, E., and J. Gilbert. “A golden jubilee note on Graaff's optimum tariff structures.” History of Political Economy 32, no. 3 (January 1, 2000): 421–36. https://doi.org/10.1215/00182702-32-3-421. Full Text

Gilbert, John, and Edward Tower. “Import Quotas, Foreign Capital and Income Distribution: Comment.” The American Economist, October 1998, 90–93.

Gokcekus, O., and E. Tower. “Does Trade liberalization benefit young and old alike?Review of International Economics 6, no. 1 (January 1, 1998): 50–58. https://doi.org/10.1111/1467-9396.00086. Full Text

Gokcekus, Omer, and Edward Tower. “Can a Periodic Voluntary Export Restraint Raise Importing Country Welfare?Journal of Economic Integration, December 1997, 485–504.

Park, Donyong, and Edward Tower. “The Commodity Creating Tariff and Other Paradoxes.” International Review of Economics and Business, December 1997, 831–35.