"a situation in which there is not much money and it is spent only on things that are necessary"
Yeah, Japan spends ONLY on things that are necessary. Building dams, renovating administration buildings from scratch right after the 3.11 Earthquake is damn necessary.
The fact that Economists invented a new definition to pass fake deficit cuts for real careful spending changes nothing.
The actual definition of the word, man: http://www.merriam-webster.com/dictionary/austerity
"a situation in which there is not much money and it is spent only on things that are necessary"
Yeah, Japan spends ONLY on things that are necessary. Building dams, renovating administration buildings from scratch right after the 3.11 Earthquake is damn necessary.
Seriously, buy a dictionary. They are cheap.