The law of the instrument, also known as Maslow's hammer, is a cognitive bias where individuals over-rely on a familiar tool or method, applying it universally to all problems. This tendency can limit problem-solving capabilities and lead to inappropriate solutions because individuals may ignore or overlook other tools or methods that may be more effective.
Warren Buffett criticized the misuse of complex mathematical models in finance, suggesting that academic studies often rely on mathematical tools simply because they are familiar, regardless of their applicability to the problems at hand, stating, 'to a man with a hammer, everything looks like a nail.'
To overcome this bias, individuals should actively seek out alternative tools and approaches, ensuring they evaluate the context of the problem before applying familiar solutions.