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What the scientific concept stating that when looking at two competing theories, the one with fewer assumptions should be chosen?

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law of parsimony

The formation of scientific theories is generally guided by the law of parsimony. The word parsimony means thriftiness.  The law of parsimony states that, when choosing between competing theories, you should select the theory that makes the fewest assumptions. In other words, the simpler theory is more likely to be correct. For example, you probably know that Earth and the other planets of our solar system orbit around the sun. But several centuries ago, it was believed that Earth is at the center of the solar system and the other planets orbit around Earth. While it is possible to explain the movement of planets according to this theory, the explanation is unnecessarily complex.

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