Austerity
Austerity
Austerity (/ɔːˈstɛrɪti/), from the Latin word austeritas, meaning harshness or severity, is a term used in economics to describe policies used by governments to reduce budget deficits during adverse economic conditions. These policies can include spending cuts, tax increases, or a mixture of both.
Etymology
The term austerity comes from the Latin austeritas, which means harshness or severity. It was first used in the economic context in the 20th century, during the Great Depression.
Related Terms
- Economic Policy: The strategy that government officials employ to manage its money supply and achieve sustainable economic growth.
- Deficit Spending: The amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit.
- Fiscal Policy: The use of government revenue collection (taxation) and expenditure (spending) to influence a country's economy.
- Public Debt: The total amount of money that the government of a country owes to creditors.
- Recession: A period of temporary economic decline during which trade and industrial activity are reduced.
See Also
External links
- Medical encyclopedia article on Austerity
- Wikipedia's article - Austerity
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