Definition of austerity noun from the Oxford Advanced American Dictionary

     

    austerity

     noun
    noun
    NAmE//ɔˈstɛrət̮i//
     
    (pl. austerities)
     
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  1. 1[uncountable] a situation when people do not have much money to spend because there are bad economic conditions War was followed by many years of austerity. austerity measures and economic reforms
  2. 2[uncountable] the quality of being austere the austerity of the monks' life
  3. 3 [countable, usually plural] something that is part of an austere way of life the austerities of the South in wartime
See the Oxford Advanced Learner's Dictionary entry: austerity