In January 1996, Prentice-Hall, Inc. selected E Ray Canterbery for their Hall of Fame Economist Baseball Cards for "significant contributions to the economics discipline", including "developing one of the first complete mathematical theories of foreign exchange; a new theory of the labor market and of personal incomes (vita theory), which later was integrated into international trade theory; independently of Pasinetti, developing a production model of the total value added required in both labor and profits, proving also that profit margins equal price markups; several policy ideas that have become real world economic policies."

Active in many economics associations, Canterbery served as President of the Eastern Economics Association in 1986–87. He remains one of only three Past Presidents awarded lifetime emeritus membership on the Board of Directors of the EEA, 1989– and an honorary lifetime membership in the Association. He is an elected member of the New York Academy of Sciences.

Canterbery was one of the earliest critics of Alan Greenspan's monetary policy. Canterbery wrote of how Greenspan, as the most influential Cheerleader of the "New Economy", helped to hype the American stock market into a giant bubble destined to burst. Canterbery was correct: Greenspan was wrong. Only now have other economists and financial experts jumped on this prescient critic's bandwagon as it now passes before their delayed perceptions!

The International Biography Centre in Cambridge, England includes Canterbery among 500 persons worldwide in its Living Legends (2002), among 2000 scholars worldwide in their Outstanding Scholars in the 21st Century, and among the select One Thousand Great Americans (2002). The American Biographical Institute is including Canterbery in its forthcoming Great Minds of the 21st Century.

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