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Meaning of austerity

aus•ter•i•ty

Pronunciation: (ô-ster'i-tē), [key]
— pl. -ties.
  1. austere quality; severity of manner, life, etc.; sternness.
  2. Usually,ascetic practices: austerities of monastery life.
  3. strict economy.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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