[Editor’s Note: This following article is an adaptation of the introduction to Libertarian Literary and Media Criticism: Essays in Memory of Paul A. Cantor, Edited by Jo Ann Cavallo (London: Palgrave Macmillan, 2025. Paul Cantor was (1945-2022) was a student of Ludwig von Mises and an important contributor to mises.org on topics of the intersection between markets and culture.]

The word “austerity” is defined as sternness or severity of manner or attitude; extreme plainness and simplicity of style or appearance; conditions characterized by severity, sternness, or asceticism; or a way of life that limits luxuries. Austerity is also defined as a set of policies that reduce government spending and increase taxes. These policies can include “austerity measures,” often used during economic crises, including cutting government salaries, social programs, foreign aid, and safety net expenditures.