Meaning of the word parsimony in English

What does parsimony mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

parsimony

US /ˈpɑːr.sə.moʊ.ni/
UK /ˈpɑː.sɪ.mə.ni/

Noun

1.

extreme unwillingness to spend money or use resources

Example:
His parsimony was well-known; he never bought anything new if he could repair the old.
The company's parsimony led to outdated equipment and low employee morale.
2.

extreme economy in the use of means to an end; economy of explanation in conformity with Occam's Razor

Example:
The scientist's theory was praised for its elegant parsimony, explaining complex phenomena with minimal assumptions.
Occam's Razor is a principle of parsimony, stating that the simplest explanation is usually the best.
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