aus·ter·i·ty

[aw-ster-i-tee]
noun, plural aus·ter·i·ties.
1.
austere quality; severity of manner, life, etc.; sternness.
2.
Usually, austerities. ascetic practices: austerities of monastery life.
3.
strict economy.

Origin:
1300–50; Middle English austerite < Anglo-French, Old French austerite < Latin austēritās. See austere, -ity


1. harshness, strictness, asceticism, rigor. 2. See hardship.


1. leniency.
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Based on the Random House Dictionary, © Random House, Inc. 2013.
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Austerity is always a great word to know.
So is flibbertigibbet. Does it mean:
a printed punctuation mark (‽), available only in some typefaces, designed to combine the question mark (?) and the exclamation point (!), indicating a mixture of query and interjection, as after a rhetorical question.
a chattering or flighty, light-headed person.
Collins
World English Dictionary
austerity (ɒˈstɛrɪtɪ) [Click for IPA pronunciation guide]
 
n , pl -ties
1.  the state or quality of being austere
2.  (often plural) an austere habit, practice, or act
3.  a.  reduced availability of luxuries and consumer goods, esp when brought about by government policy
 b.  (as modifier): an austerity budget

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

austerity
mid-14c., "sternness, harshness," from O.Fr. austerite (14c.), from L.L. austeritatem (nom. austeritas), from austerus (see austere). Of severe self-discipline, from 1580s; hence "severe simplicity" (1875); applied during WWII to national policies limiting non-essentials as a wartime economy.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
The new regime imposed iron austerity and crushing taxes.
The poll shows clear support for austerity over stimulus in the rich world.
Cutting back such programs to prove austerity to members is a huge mistake, he
  notes.
Such people appearing at a picnic color the entire scene with the blue light of
  their austerity.
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