austerity (adj) - excessive simplicity or severity, marked by an absence of luxuries; a stern and serious quality [aw-ster-i-tee]
austerity as an economic policy refers to lowering spending, raising taxes, or both in order to reduce budget deficits
austere means severe, strict, or rigid in environment, attitude, or appearance; ascetic or unadorned
sere means dry or withered
“There is no austerity equal to a balanced mind, and there is no happiness equal to contentment; there is no disease like covetousness, and no virtue like mercy.” —Chanakya
[Our Wednesday Wildcards are fascinating and important words that are not necessarily derived from classical roots.]