The two greatest inventions of the past century are two boxes. One sits next to my desk and the other delivered its guts to these shores. Of course, I’m referring to the PC and the shipping container.
The PC is a multipurpose box for communication, calculation, manipulation, and display of information. This led to lower inflation as it moved our production frontier outward making both production and trade less costly.
The BBC The Box site illustrates how important the shipping container has become to our lives. The shipping container, aided by the other box, allowed production to move to low wage economies, making goods less expensive here, while enriching the poorer countries of Asia.
Moving our own production frontier outward while moving manufacturing to low-wage economies gave us a protracted period of low inflation. The two boxes have made our lives much better; notwithstanding the current economic downturn.