important change involved the structure of the market for advanced art. Innovation had always been the hallmark of important art … unprecedented freedom to innovate. Conspicuous innovation subsequently became necessary for important modern art. All artists … recognized the increased demand for innovation, but it would be conceptual artists who could take advantage of it more quickly …

which Northern innovation, Southern imitation, and FDI are all endogenous. Our model predicts that IPR reform in the South …, Northern resources will be reallocated to R&D, driving an increase in the global rate of innovation. We test the model …