Although Occam's razor is a philosophical principle, not a software engineering one, it is still applicable to what we do. It is very similar to the previous principle, with the main statement being as follows:
"When you have two competing solutions to the same problem, the simpler one is the better."
– William of Ockham
For more information on Occam's razor, visit http://en.wikipedia.org/wiki/Occam%27s_razor.