Parsimony
Origin
From Old French parsimonie, from Latin parsimÅnia ("sparingness, frugality"), from parcere ("to be sparing").
Full definition of parsimony
Noun
parsimony
(uncountable)- Great reluctance to spend money unnecessarily.
- 1776, Adam Smith, S:The Wealth of Nations/Book II/Chapter 3, Parsimony, and not industry, is the immediate cause of the increase of capital. Industry, indeed, provides the subject which parsimony accumulates. But whatever industry might acquire, if parsimony did not save and store up, the capital would never be the greater.
- (by extension) The principle of using the least resources or explanations to solve a problem.