Lee Loevinger dubbed the law "Loevinger's law of irresistible use," in 1967 before Warren Buffett criticized financial markets in 1984.
In 1984, investor Warren Buffett criticized academic studies of financial markets that made use of inappropriate mathematical approaches: "It isn't necessarily because such studies have any utility; it's simply that the data are there and academicians have worked hard to learn the mathematical skills needed to manipulate them. 
