Austerity refers to a set of government policies aimed at reducing budget deficits by lowering public spending, increasing taxes, or both, usually during times of economic crisis. Austerity : What is meant by Austerity? Learn about Austerity in detail, including its explanation, and significance in Economy on The Economic Times. Austerity is the condition of living without luxuries or the quality of being austere. It can also refer to a difficult economic situation caused by a government reducing spending. Learn more with examples and translations. 'austerity' - Complete English Word Reference Definitions of 'austerity' 1. Austerity is a situation in which people's living standards are reduced because of economic difficulties. [...] 2. If you refer to something as showing austerity, you like its plain and simple appearance.
