'Ockham Razor' refers to the principle of parsimony, which is a methodological principle that recommends selecting the theory that makes the fewest assumptions. This principle is also known as the 'law of parsimony,' the 'principle of simplicity,' or the 'principle of economy.' The idea is that, when explaining a phenomenon, one should prefer the simplest theory that accounts for all the evidence. Some synonyms for Ockham Razor include the 'law of economy,' the 'lex parsimoniae,' and the 'principle of minimalism.' The Ockham Razor can be applied to a range of fields, including science, philosophy, and law.