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It can scarcely be denied that the supreme goal of all theory is to make the irreducible basic elements as simple and as few as possible without having to surrender the adequate representation of a single datum of experience.
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"On the Method of Theoretical Physics" The Herbert Spencer Lecture, delivered at Oxford (10 June 1933); also published in Philosophy of Science, Vol. 1, No. 2 (April 1934), pp. 163-169., p. 165. [thanks to Dr. Techie @ www.wordorigins.org and JSTOR]
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There is a quote attributed to Einstein that may have arisen as a paraphrase of the above quote, commonly given as “Everything should be made as simple as possible, but no simpler.” or “Make things as simple as possible, but not simpler.” See this article from the Quote Investigator for a discussion of where these later variants may have arisen.
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This may seem very similar to Occam's razor which advocates the simplest solution. However, it is normally taken to be a warning against too much simplicity. Dubbed 'Einstein's razor', it is used when an appeal to Occam's razor results in an over-simplified explanation that leads to a false conclusion.
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The earliest known appearance of Einstein's razor is an essay by Roger Sessions in the New York Times (8 January 1950), where Sessions appears to be paraphrasing Einstein: “I also remember a remark of Albert Einstein, which certainly applies to music. He said, in effect, that everything should be as simple as it can be, but not simpler.”
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Another early appearance, from Time magazine (14 December 1962): “We try to keep in mind a saying attributed to Einstein—that everything must be made as simple as possible, but not one bit simpler.”

 

Albert Einstein

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There cannot be a single, simple body which is infinite, either, as some hold, one distinct from the elements, which they then derive from it, nor without this qualification. For there are some who make this (i.e. a body distinct from the elements) the infinite, and not air or water, in order that the other things may not be destroyed by their infinity. They are in opposition one to another — air is cold, water moist, and fire hot—and therefore, if any one of them were infinite, the rest would have ceased to be by this time. Accordingly they say that what is infinite is something other than the elements, and from it the elements arise.

 

Anaximander

 

Of course, we must avoid postulating a new element for each new phenomenon. But an equally serious mistake is to admit into the theory only those elements which can now be observed. For the purpose of a theory is not only to correlate the results of observations that we already know how to make, but also to suggest the need for new kinds of observations and to predict their results. In fact, the better a theory is able to suggest the need for new kinds of observations and to predict their results correctly, the more confidence we have that this theory is likely to be good representation of the actual properties of matter and not simply an empirical system especially chosen in such a way as to correlate a group of already known facts.

 

David Bohm

 

It is probable that when future historians of economic thought look back over this century, the thirties will appear as an era of rapid development in economic theory. Not only has there been unusual activity in monetary theory, theory of value. but extensive transformations have also been made in the basic theory of value. The outstanding publications in this field are, of course, Joan Robinson's Theory of Imperfect Competition and Chamberlin's Theory of Monopolistic Competition, the first produced in Cambridge, England, and the second in Cambridge, Massachusetts. These volumes mark the explicit recognition of the theory of the firm as an integral division of economic analysis upon which rests the whole fabric of equilibrium theory. General equilibrium is nothing more than the problem of the interaction of individual economic organisms, under various conditions and assumptions; as a necessary preliminary to its solution, an adequate theory of the individual organism itself is necessary.

 

Kenneth Boulding

 

Even facts become fictions without adequate ways of seeing "the facts". We do not need theories so much as the experience that is the source of the theory. We are not satisfied with faith, in the sense of an implausible hypothesis irrationally held: we demand to experience the "evidence".
We can see other people's behaviour, but not their experience. This has led some people to insist that psychology has nothing to do with the other person's experience, but only with his behaviour.
The other person's behaviour is an experience of mine. My behaviour is an experience of the other. The task of social phenomenology is to relate my experience of the other's behaviour to the other's experience of my behaviour. Its study is the relation between experience and experience: its true field is inter-experience.

 

Ronald David Laing

 

The theory of communication is partly concerned with the measurement of information content of signals, as their essential property in the establishment of communication links. But the information content of signals is not to be regarded as a commodity; it is more a property or potential of the signals, and as a concept it is closely related to the idea of selection, or discrimination. This mathematical theory first arose in telegraphy and telephony, being developed for the purpose of measuring the information content of telecommunication signals. It concerned only the signals themselves as transmitted along wires, or broadcast through the aether, and is quite abstracted from all questions of "meaning." Nor does it concern the importance, the value, or truth to any particular person. As a theory, it lies at the syntactic level of sign theory and is abstracted from the semantic and pragmatic levels. We shall argue ... that, though the theory does not directly involve biological elements, it is nevertheless quite basic to the study of human communication -- basic but insufficient.

 

Colin Cherry