Kajiya introduced the rendering equation, a mathematical formulation of global illumination (takes diffuse, secular into account). It's a multidimensional integral equation. Unidirectional path tracing is an algorithm he introduced to solve the rendering equation. It uses several rays traced from pixels in the camera bouncing randomly through the scene. It's a Monte Carlo integration algorithm for solving the nasty integrals.
Photon mapping involves a pass algorithm tracing light from light sources into the scene, then a pass (like path tracing) gathering that light back at the camera. It better handles more complex light effects like caustics.
I wouldn't say better. I would say it provides an approximation to the rendering equation more quickly than path tracing does. However, photon mapping is a biased algorithm, which means that if you average many independent renderings together, they won't converge on the correct (exact) image. Path tracing methods (bi-directional, Metropolis, etc.) converge on the exact solution, regardless of how noisy each individual rendering is. (However, it may be the case that an unwieldy number of samples is required for tricky caustics, so in practice, path tracing may fail to produce a correct result because of high variance.)
[1] http://cgg.unibe.ch/publications/2011/progressive-photon-map...
Ray tracing is used in photon mapping and path tracing.
With photon mapping you trace a ray from a light source and store the light energy for the area where the light hits an object.
With path tracing you ray trace a ray from the camera and every time you hit an object you check if you can see a light source from that spot. If true you return all the gathered energy back to the camera (pixel).
When people talk about ray tracing as something different than path tracing, they usually mean the first form of ray tracing that only did direct diffuse lighting, point light sources, simplistic materials, and multiple bounces of perfect specular reflections. (Aka recursive ray tracing.)
Note that not everyone makes a distinction between path tracing and ray tracing, you can easily find lots of examples of people referring to ray tracing and talking about GI and Monte Carlo techniques. "Ray tracing" is evolving to incorporate modern developments.
Practically speaking path tracing is going to give you a more real to life image at the expense of a slower rendering process.
When someone says 'ray tracing' to me today, before they elaborate on what they mean, I assume they're talking about using straight line segment visibility tests probably to make some kind of picture, probably using Monte Carlo techniques, probably for global illumination. So, they might mean path tracing, or one of the (many) other ways to simulate lighting, or my assumption might be wrong, but that's okay because language is fun, and vague, overridden and imperfect terms allow us to have longer conversations. :)
>The “begetted” eightness as the system-limit number of the nuclear uniqueness of self-regenerative symmetrical growth may well account for the fundamental octave of unique interpermutative integer effects identified as plus one, plus two, plus three, plus four, as the interpermuted effects of the integers one, two, three, and four, respectively; and as minus four, minus three, minus two, minus one, characterizing the integers five, six, seven, and eight, respectively [3].
[1] http://www.ecse.rpi.edu/~wrf/Teaching/graphics-s2005/heckber...
[2] https://wattsupwiththat.files.wordpress.com/2012/01/bg-equat...
[3] Fuller. R.B. Synergetics. MacMillan, New York, 1975,~. 125.
I'd never heard of path tracing before now and the video makes it sound the same as ray tracing/casting, but what I've read implies otherwise (but I'm not sure how). Clearly it's different to photon mapping, but what ever happened to that: Was it too computationally expensive for the pay-off?