What does austerity mean?

Austerity means sternness, severity, or a state of extreme self-discipline or minimalistic living.

Austerity is the noun form of the adjective austere, which most commonly means extremely stern or strict or without any frills or luxuries.

The word is often used in the context of a national economy in which services and access to certain goods have been scaled back by the government during times of economic crisis. This sense is especially seen in the phrase austerity measures.

The term is sometimes used in its plural form to refer to ascetic practices, like living in a monastery—think of a monk who lives in a bedroom with only a metal cot and eats plain rice every day.

Example: The government has turned to austerity to help curb the rising debt.