Occam's razor doesn't say "pick the simplest theory", it says "pick the simplest theory out of all that agree with all discussed experimental evidence". We didn't throw away four elements because they weren't simple enough; we did it because that theory didn't explain the things we saw.
As for the notion of simplicity itself, we have Kolmogorov complexity and Solomonoff induction, they capture the essence pretty well (though I heard that with some caveats).
As for the notion of simplicity itself, we have Kolmogorov complexity and Solomonoff induction, they capture the essence pretty well (though I heard that with some caveats).