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austerity

aw-STER-ih-tee /ɔːˈstɛrɪti/

nounC1GREIELTS

formal

Sternness or severity of manner or attitude; extreme plainness and simplicity of lifestyle or appearance; difficult economic conditions created by government measures to reduce public expenditure.

In finance, it specifically refers to severe economic measures, often by governments, to reduce debt by cutting spending and raising taxes. It implies hardship and strictness.

The story behind the word. The word 'austerity' comes from the Greek 'austeros,' meaning 'harsh, severe, rough, rigid.' This root passed into Latin as 'austerus' and then into Old French before arriving in English. It originally described a harsh taste or a severe person, and later extended to a severe way of life or, more recently, severe economic policies. It's a word that has always carried a sense of strictness and lack of comfort.

Word relationships

severity: The fact or condition of being severe.
rigor: The quality of being extremely thorough, exhaustive, or accurate; severity or strictness.
asceticism: Severe self-discipline and avoidance of all forms of indulgence, typically for religious reasons.

luxury: A state of great comfort or elegance, especially when involving great expense.
extravagance: Lack of restraint in spending money or using resources.
indulgence: The action or fact of indulging; a concession to one's own or another's wishes.

Commonly confused with

frugality: 'Austerity' implies severe, often imposed, economic hardship or a very strict lifestyle. 'Frugality' is a voluntary, positive trait of being careful with money without necessarily implying hardship.

Word family

austere (adjective): Severe or strict in manner or attitude; having no comforts or luxuries.
austerely (adverb): In an austere manner.

Collocations

austerity measures
age of austerity
period of austerity
fiscal austerity

Example sentences

"The government implemented a program of austerity measures, including cuts to public services and increased taxes, to tackle the national debt." Government economic policy.
"After the war, the country faced years of austerity, with rationing and limited resources becoming the norm." A period of hardship.
"The monk lived a life of extreme austerity, devoid of luxuries and focused solely on spiritual pursuits." Describing a simple lifestyle.

Memory hook

AUSTERITY feels AWFUL and STERN. AWFUL STERN

When not to use

Do not use 'austerity' for personal, moderate saving habits; it's reserved for severe, often governmental, economic policies or a very strict, unadorned lifestyle.

Fun facts

The term 'austerity' gained significant prominence in economic discourse following the 2008 financial crisis, as many governments adopted such policies.