132 - Kentucky's Bourbon Boom: Economics Panel at the University of Louisville with Bill Samuels, Mike Veach, Reid Mitenbuler, and Susan Reigler

What happens when you get Bill Samuels, Mike Veach, Reid Mitenbuler, and Susan Reigler in front of an economics class? You talk about the growth of bourbon, the economic impact of it, and how to get jumpstarted into a career. Thanks to the John H. Schnatter Center for Free Enterprise at the College of Business, University of Louisville for hosting and allowing us to record. This event is just one of a series of events on the bourbon industry in the college this semester . The bourbon theme included an economics reading group which read and met to discuss Reid’s book. They also took field trips to Buffalo Trace and Peerless distilling. In addition, the economics senior capstone class is focused on the economic history and importance of the industry. Students in the class are writing a variety of research papers on the bourbon industry for their senior projects.

Show Notes:

• We will first attempt to wrap our heads around the size of the boom
• What consumer and federal or state-level regulatory trends might be facilitating the recent resurgence.
• We will be considering the economic impact on KY, including investment, job creation, tourism, and exports. I’ll have the panelists dwell on the recent investment announcements by BBC, Lux Row, Stoli, and Heaven Hill plus the revival of whiskey row (Old Forester, Michter’s, and, by extension, Peerless, Angel’s Envy, Rabbit Hole, and so on).
• What about the marketing strategy of old brands and distilleries being brought back from the dead (Peerless, Kentucky Owl, and Old Taylor/Castle & Key).
• Given it is fall release season, discuss the surging popularity of the boutique brands from the big distillers and the associated retail price increases, shortages, production timelines, and the “ethics” of the secondary market.
• What is your opinion on the future? Can the boom last and what opportunities are out there for UofL students interested in the industry?

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