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

Gang, I. N., and E. Tower. “The Stahl-Alexeev paradox: A note.” Journal of Economic Theory 44, no. 1 (January 1, 1988): 189–91. https://doi.org/10.1016/0022-0531(88)90103-2. Full Text Open Access Copy

Tower, E., and G. G. Pursell. “On Shadow Pricing Foreign Exchange, Non-Traded Goods and Labor in a Simple General Equilibrium Model.” Oxford Economic Papers, June 1987, 318–32.

Tower, Edward, Garry G. Pursell, and Kiyoun Han. “Shadow Pricing in a Specific-Factors Model: Comment.” The Canadian Journal of Economics 20, no. 2 (May 1987): 399–399. https://doi.org/10.2307/135369. Full Text

Lucas, R. E. B., G. Pursell, and E. Tower. “Resolution Ex ante versus ex post DRC's and the possibility of negative shadow prices.” Journal of Development Economics 26, no. 1 (January 1, 1987): 173–74. https://doi.org/10.1016/0304-3878(87)90059-9. Full Text

Pursell, G., and E. Tower. “DRC criteria. Comment on Lucas.” Journal of Development Economics 26, no. 1 (January 1, 1987): 163–67. https://doi.org/10.1016/0304-3878(87)90057-5. Full Text

Tosini, S. C., and E. Tower. “The textile bill of 1985: The determinants of congressional voting patterns.” Public Choice 54, no. 1 (January 1, 1987): 19–25. https://doi.org/10.1007/BF00123802. Full Text

Gan, K. P., and E. Tower. “A general equilibrium cost- benefit approach to policy reform and project evaluation in Malaysia.Singapore Economic Review 32, no. 1 (January 1, 1987): 46–61.

Hartigan, J. C., and E. Tower. “The leontief question: A Cobb-Douglas approach to simulating the U.S. income distribution in Autarky.” Weltwirtschaftliches Archiv 122, no. 4 (December 1, 1986): 677–89. https://doi.org/10.1007/BF02707855. Full Text

Gang, I. N., and E. Tower. “Differential Cash-in-Advance Constraints: A Good Reason for Protection in LDCS?Eastern Africa Economic Review, December 1986, 193–95.