Severe and rigid economy: wartime austerity. (noun)
An austere habit or practice.(noun)
American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
Use "austerity" in a sentence
""I consider myself well-informed, but I have no idea what the term 'austerity economics' really means.""
"Canada's finance minister doesn't believe the term austerity fits for his government's upcoming budget."
"In a country where the term "austerity" has only entered the national conversation recently and where the government's rhetoric has often been a remove from economic reality, Mr. Berlusconi's statement was notable for its tone as well as its contents."