Word Of The Day: Austerity

–noun, plural -ties.

1.

austere quality; severity of manner, life, etc.; sternness.

2.

Usually, austerities. ascetic practices: austerities of monastery life.

3.

strict economy.

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Origin:
1300–50;  ME austerite  < AF, OF austerite  < L austēritās. See austere, -ity

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

—Antonyms
1.  leniency.

Take the time to watch this explanation of Austerity and how it relates to us in everyday life.  If you have to watch it more then once to fully understand.

With governments formulating policies of austerity as the global economic crisis recedes, a new animated video short describes the thinking behind such policies as inherently flawed. Austerity features Faculty Fellow Mark Blyth, an international political economist whose views are captured by director Joe Posner ‘07.

Austerity is the first in a new media series being produced at the Watson Institute.

“In keeping with the Institute’s mission of producing research that addresses global problems, we want to make sure that we disseminate our findings in ways that can be well understood by people outside academic life,” according to Institute Deputy Director Geoffrey S. Kirkman ‘91. “We have launched this new series seeking to translate our faculty's ideas in media-friendly ways. “

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The Watson Institute presents Mark Blyth on Austerity from The Global Conversation on Vimeo.