You will still hear this often, and almost all dive operations work on that theory. A workshop on that theory determined that the first occurrence of this was a suggestion without any explanation in a 1972 PADI manual. PADI was a member of the workshop, and it had no record of who made the original suggestion or what the reasoning for it was. It was repeated in subsequent manuals with increasing fervor until it became a rule. It is still written as a rule on the PADI RDP.first dive is your deepest (sounds like a cat stevens song?)...
Everyone assumes there is a safety reason for it, but in all likelihood (admittedly just an educated guess) the real reason is very practical and MADE (not makes) a lot of sense. In 1972 everyone used the Navy tables for diving, and the big problem for that with recreational diving was the very, very long required surface intervals. If you go to the tables and put in two successive dives to different depths, you will see that the required surface interval is MUCH shorter if you do the deeper dive first. That is true of all tables, even the more modern ones with the shorter required surface intervals.