Poker and the invisible hand

Bond18 · 10-24-2008, 01:00 AM

I’ve referenced ‘the invisible hand’ numerous times before in my blog when discussing poker player’s motivations and their ethics. The term comes from the ‘father of modern economics’ Adam Smith and in his book “An Inquiry into the
Nature and Causes of the Wealth of Nations” he elaborates on the concept:

“...every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of ...

Read Full Post

10-24-2008, 12:04 PM

Long time listener, first time caller...

I agree to a degree, although I think there are plenty of people who take a less individualistic approach to poker. I do believe there are a lot of people who dont play at UB and absolute purely because of the scandal. You could probably make the argument that they're doing it out of their self interest if they're worried abotu getting cheated, but I think a significant number dont play there because it supports the notion of losing the trust of the online community, lose business.

Poker definitely attracts a certain element that wants to win at any cost, regardless of the ethics. But how do you explain the people who know IRL someone who's at their MTT table, and dont collude with that player. I bet upwards of 90% of cheating online goes undetected. There are many instances where top players could collude in higher buy in smaller field tournys and no one would know. But I dont think they do so (maybe I'm just naive.)

And I'm sure you blog for the recognition of your skill level in addition to the money, but there's nothing wrong with that, you pretentious asshole.

Thanks for all the stories though (to say nothing of the "TITMAWTL" series.) Really helped my game. I'm a $10-$50 MTT grinder, I ran hotter than God himself a few weeks ago, decided to play the SM, and came in 3rd. No, I wont send you any money, but I truly appreciate the advice.

T

10-27-2008, 07:52 PM

As far as I can tell, your metaphor is quite the opposite of what Adam Smith was describing :P

11-30-2008, 08:45 AM

Walter Matthau beat you to it some years ago when he said: "The game of poker exemplifies the worst aspects of capitalism that have made our country so great."

Fantastic blog, easily my favourite of all poker blogs, keep up the stellar work.

10-24-2008, 01:00 AM	#1 (permalink)
Bond18 Senior Member Join Date: Jun 2007 Posts: 148	Poker and the invisible hand I’ve referenced ‘the invisible hand’ numerous times before in my blog when discussing poker player’s motivations and their ethics. The term comes from the ‘father of modern economics’ Adam Smith and in his book “An Inquiry into the Nature and Causes of the Wealth of Nations” he elaborates on the concept: “...every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of ... Read Full Post

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

10-24-2008, 12:04 PM	#2 (permalink)
Anonymous Guest Posts: n/a	Long time listener, first time caller... I agree to a degree, although I think there are plenty of people who take a less individualistic approach to poker. I do believe there are a lot of people who dont play at UB and absolute purely because of the scandal. You could probably make the argument that they're doing it out of their self interest if they're worried abotu getting cheated, but I think a significant number dont play there because it supports the notion of losing the trust of the online community, lose business. Poker definitely attracts a certain element that wants to win at any cost, regardless of the ethics. But how do you explain the people who know IRL someone who's at their MTT table, and dont collude with that player. I bet upwards of 90% of cheating online goes undetected. There are many instances where top players could collude in higher buy in smaller field tournys and no one would know. But I dont think they do so (maybe I'm just naive.) And I'm sure you blog for the recognition of your skill level in addition to the money, but there's nothing wrong with that, you pretentious asshole. Thanks for all the stories though (to say nothing of the "TITMAWTL" series.) Really helped my game. I'm a $10-$50 MTT grinder, I ran hotter than God himself a few weeks ago, decided to play the SM, and came in 3rd. No, I wont send you any money, but I truly appreciate the advice. T

10-27-2008, 07:52 PM	#3 (permalink)
hav0c Guest Posts: n/a	As far as I can tell, your metaphor is quite the opposite of what Adam Smith was describing :P

11-30-2008, 08:45 AM	#4 (permalink)
Unregistered Guest Posts: n/a	Walter Matthau beat you to it some years ago when he said: "The game of poker exemplifies the worst aspects of capitalism that have made our country so great." Fantastic blog, easily my favourite of all poker blogs, keep up the stellar work.