William Ockham’s Razor is as follows, ‘Entia non sunt multiplicanda praeter necessitatem’. For those whose Latin is a bit rusty, it roughly translates to, ‘More things should not be used than are necessary’. It asserts that simplicity is preferred to complexity.
Since its invention, it has been used across several fields, most prolifically in science, mathematics, medicine, and philosophy. However, it has been evolved and adapted over time.
Aristotle is recorded saying “Nature operates in the shortest way possible” and “we may assume the superiority of the demonstration which derives from fewer postulate or hypotheses.” Early versions of what was to become Ockham’s razor. Later, it was Bertrand Russel who said “Whenever possible, substitute constructions out of known entities for inferences to unknown entities.”
Essentially, we are stating that simpler explanations are generally better than complex ones and that the more believable and basic the hypotheses, the more likely it is to be true.