Notes from the Rotary Meeting 12.30pm Thursday, September 10, 2026.
President Olaf chaired the meeting and welcomed everyone.
Guest Speaker:
After lunch, Olaf introduced the guest speaker Dr. David Surdam, Professor of Economics at the University of Northern Iowa in Cedar Falls. Dr Surdam has published numerous books. His Rotary talk was entitled Getting, Spending and Giving the Accumulation and Uses of Wealth throughout History.
He began by asking the question why does this matter as all societies must deal with the issues as to how people accumulate wealth and how is the wealth disbursed.
David considered the origin of the project because wealth cannot be taken with one on death, but individuals and societies had ‘grave goods.’ A prime example of this was the Ancient Egyptians who buried considerable amounts of wealth and even people with their pharaohs.
He then considered several Paths to Wealth which include
- Lying, cheating, stealing, fraud and expropriation.
- Ownership of land, labour and natural resources
- Government largesse
- Lend money at interest
- Produce (desirable) goods and services
- Peaceful voluntary trade
The modern way to wealth involves acquiring and using human capital, entrepreneurship, becoming a CEO and gambling speculation.
David then looked at Ways to use Wealth which are.
1. Acquire more land, labour, animals and resources
2. Create productive assets
3. Insure against adverse events
4. Gain Status
5. Power/prestige potlatches
6. Conspicuous consumption
He concluded his talk by noting throughout history there has been a strong element of coercion underlying most wealthy people’s holdings. Modern day
riches, and western economies create and produce grounds and services people are willing and able to buy. He did note that the modern day rich often use their wealth to benefit others.
Dr Surdam answered several questions before being thanked by Olaf on behalf of the club for giving his informative talk. The meeting then adjourned.
