Parsimony is a 'less is better' concept of frugality, economy, stinginess or caution in arriving at a hypothesis or course of action. The wor derives from Middle English parcimony, from Latin parsimonia, from parsus, past participle of parcere: to spare. It is a general principle that has applications from science to philosophy and all related fields. Parsimony is basically the implementation of Occam's razor.