In this paper, I will be dealing with the possible application of William of Occam’s razor to economics, in particular to neoclassical economics, and Austrian economics, representing (amongst others) heterodox economics. The application of Occam’s razor to economics means to find a simpler and clearer description of individual and social dynamic in order to explain economic phenomena. The aim of this paper is twofold. First, after having introduced Occam’s razor as a powerful heuristic tool as well as methodological principle, to show that Occam’s razor is much closer to heterodox economics approaches rather than to neoclassical economics. Second, to compare the neoclassical and Austrian approach to economics, in order to show that Austrian economics, based on evolutionary theory, spontaneous order and the rule of law, is closer to a genuine application of Occam’s razor to economic theory.