The law of the instrument is a cognitive bias which Lee Loevinger dubbed the law "Loevinger's law of irresistible use," in 1984 only after Warren Buffett criticized financial markets in 1967.
In 1967, Lee Loevinger of the Federal Communications Commission dubbed the law "Loevinger's law of irresistible use", and applied it to government: "The political science analogue is that if there is a government agency, this proves something needs regulating." 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. 
