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Definition of austerity:

  1. Plainness; freedom from adornment; severe simplicity.
  2. Severity of manners or life; extreme rigor or strictness; harsh discipline.
  3. Sourness and harshness to the taste.

Synonyms:

depression, the poorhouse, ascesis, deprivation, destitution, boom and bust, toughness, easy, gravity, credit crunch, agronomics, savageness, Spartanism, self-discipline, capitalist, asceticism, hardness, formality, deflation, nonindulgence, uncompromisingness, asperity, belt-tightening, stiffness, explosiveness, rigidity, boom, gutter, buoyancy, extremity, privation, subsistence level, ferociousness, penury, seriousness, consumer confidence, puritanism, poverty, want, rigor.

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