“…Conspicuously, members of the elite may be constrained by institutions (see, e.g., Acemoglu, 2008; Khan, 2002; Khan & Sokoloff, 2001; Mokyr, 1992, 1994, 2005), pre‐existing property rights, the protection of guilds, or even customs. For example, many recent innovations are protected under the relatively extensive umbrella of contemporary intellectual property regimes.…”