“…Market concentration has increased, oligopolies have emerged, diversity and labor productivity has dropped, knowledge diffusion has stalled, and quality‐improving innovations from incumbent firms increasingly outweigh destructive innovations by entrants (Akcigit & Ates, 2019; Akcigit & Ates, 2021; Akcigit et al., 2021; Dowd, 2004; Garcia‐Macia et al., 2016). While cultural innovation like the emergence of rap have changed the popular music scene, other cultural industries, from Broadway to Orchestras have become conservative, especially for incumbents, partly to satisfy conservative tastes held by elite consumers (Kremp, 2010; Phillips & Owens, 2004; Thomas, 2019). Science has slowed in innovation as well.…”