I believe that the Austrian business cycle theory is correct as a matter of logic, but we need a lot more detailed empirical work before we can know just how quantitatively significant it is. The whiskey industry provides just such an empirical setting given the length of the production processes involved, the global market for whiskey, and the different places and ways in which different whiskies are produced. What are the dynamics of the market for whiskey? Do we see unusual rates of success or failure relative to industries that don’t involve such lengthy production processes? Do we tend to see asset bubbles in the market for premium scotch?