Rather, Ford’s innovation was the idea to combine the 100-year-old technology for the automobile with the meat packing industry’s assembly line process, resulting in a means to mass produce cars. On the same note, Apple did not invent the MP3 player with the introduction of the iPod.
But we anticipate increased demand pressures in the second half of 2003 and into 2004, as global uncertainties diminish. However, with an appropriate reduction in the amount of monetary stimulus, we see the level of output remaining close to capacity during 2003 and into 2004. As I said earlier, recent inflation rates have come in somewhat higher than expected.