Is there a history of austerity?

The Merriam-Webster online dictionary voted 'Austerity' as its' Word of the Year in 2010, stating that it has been around since the 14th century. I found this incredible, yet difficult to track down its evolution since then.

• I wonder what Austerity meant in the 14th century?
• Did it evolve with each new century?
• What did Austerity mean prior to the 2008 global financial crisis?
• What did it mean after 2008?
• Has it once again evolved 5 years after the crisis? 

Opinions very much appreciated.