Is Occam's Razor a logical fallacy?

[Alcon]

No, and I'm going to guess you misunderstand it.

Entia non sunt multiplicanda praeter necessitatem - Pluralities ought not be posited without necessity.  Or, in simple English, "of two equivalent theories or explanations, all other things being equal, the simplest one is to be preferred."

The common bastardization is, "the simplest explanation should be assumed to be right," or -- even worse -- "the simplest explanation is true."  This is not at all what William of Ockham's writings explained.  Galilei's Dialogue Concerning the Two Chief World Systems made fun of this but people haven't stopped.  Mostly because no one reads his sh**t anymore, me included.

So, anyway:  Explain to me how Ockham's original version is fallacious.  Not the common bastardized version, which we all know is. 

[Alcon]

The simplest explanation consistent with the established facts is most likely to be true and must be accepted as the best explanation.

Of course, that is a statement rather than an argument. On what ground are we to say that the "simplest" explanation is most realistic?

It's an entirely arbitrary assumption.

The one that entails the fewest complicated constructs, but that does not make "all else" equal really.  There's probably more writing on Ockham's razor than I've read, but that's always seemed kind of limiting to me

[Alcon]

The simplest explanation consistent with the established facts is most likely to be true and must be accepted as the best explanation.

Of course, that is a statement rather than an argument. On what ground are we to say that the "simplest" explanation is most realistic?

It's an entirely arbitrary assumption.

The one that entails the fewest complicated constructs, but that does not make "all else" equal really.  There's probably more writing on Ockham's razor than I've read, but that's always seemed kind of limiting to me

Did you misread my post, perhaps? So far as I can tell, your post has nothing to do with mine.

It did, but forget it.  It was unnecessary