Claim: 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.
Evidence: 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.