Is not exhaustive either, since there are actually 16 possible compound statements (and corresponding logical connectives) to choose from. (Since {¬,∨,∧,⇒,⇔} is already redundant, why not throw in the other 11 connectives, some of which are VERY helpful like "nand" ⊼ , "nor" ⊽ and "exclusive or" ⊻?)
Some of the "16 possible compound statements" are in fact trivial cases (and also the ¬ appears twice). Actually, only five of the sixteen cannot be made with one of the standard five operators. See the following table:
Table Name Value for x..y
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0000 Contradiction False
0001 Conjunction x ∧ y
0010 Nonimplication ¬(x ⇒ y)
0011 Left projection x
0100 Converse nonimplication ¬(y ⇒ x)
0101 Right projection y
0110 Exclusive disjunction ¬(x ⇔ y)
0111 Inclusive disjunction x ∨ y
1000 Nondisjunction ¬(x ∨ y)
1001 Equivalence x ⇔ y
1010 Right complementation ¬y
1011 Converse implication y ⇒ x
1100 Left complementation ¬x
1101 Implication x ⇒ y
1110 Nonconjunction ¬(x ∧ y)
1111 Affirmation True
As you can see, only five (nonimplication, converse nonimplication, exclusive disjunction, nondisjunction, nonconjunction) are not in this 'standard set'. There are however books which also introduce ⊻, exclusive disjunction, as a standard operator.
I'm helping in a computing science course about basic math, and last week someone asked me:
Why do we have a symbol for ⊆ (subset), if we already have ⊂ (proper subset) and = (equality)? "a ⊆ b ≡ a ⊂ b ∨ a = b", so the operator is redundant.
I couldn't come up with a better answer than "Because mathematicians are lazy, and want to write things as short as possible". Clearly, that's jumping to conclusions - but in fact I think it's quite likely there is something true in there. One might ask, "why was × (multiplication) defined?", because in the natural numbers you can simply add: 5 × 3 = 5 + 5 + 5 = 3 + 3 + 3 + 3 + 3. Going further, you can ask, "Why were 2 and 3 defined, if you can also write 1+1 and 1+1+1?" At some point, it's really to much work to write everything down, hence more notation was introduced.
Of course, you are allowed to define your own notation. By defining nonimplication, exclusive disjunction, nondisjunction and nonconjunction, you have an exhaustive set. Define the ones you need often at the top of your writing.
So, how did we get to this standard set of logical operators? By using them, and finding out which ones we need often. Also note that the five statements that don't exist can all be formed by negating another operator (see the fourth column in the table above) and that this is not possible if you leave any of the 'standard' five out.