Essays in Honour of Peter Lloyd, Volume I
Edited by Sisira Jayasuriya
Chapter 7: What have we learned from a generationÂês research on intra-industry trade?
7. What have we learned from a generation’s research on intra-industry trade?* David Greenaway and Chris Milner 1. INTRODUCTION Peter Lloyd has enjoyed a long and distinguished career, during which he has made a great many contributions to the international economics literature. Moreover, his contributions have been to theory, empirical analysis and policy evaluation. In deciding upon an appropriate topic for a Festschrift in his honour, one is therefore potentially spoiled for choice. But for us, the choice was straightforward: intra-industry trade. We chose this for two reasons. First, despite the fact that in terms of number of publications, Peter’s contributions on this subject are relatively modest (four articles, three chapters, two edited volumes and one book),1 their impact and especially that of the book (Grubel and Lloyd, 1975) has been enormous. So much so in fact that intra-industry trade (IIT) would be the ﬁrst topic that comes to mind for most of us when we think of Peter’s work. Grubel and Lloyd (1975) is his most widely cited work, not only because it develops the famous Grubel and Lloyd index, but also because it was the ﬁrst systematic and comprehensive analysis of IIT and because it was the stimulus to a large number of young scholars to work in the area. That is the second reason why the topic is a natural for us, we were among those (then) young researchers who were stimulated by the book to develop a research agenda from it. Since the publication of...
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