The quality or state of being extravagant; excessive spending, wildly impractical behavior, or going beyond reasonable limits.
From Medieval Latin 'extravagantia,' derived from 'extravagans' (wandering beyond), using the '-ancy' suffix to create a noun describing an abstract state or quality.
This is an older form of the word that you'd see in historical documents—Shakespeare's contemporary writers might have used 'extravagancy' where we'd say 'extravagance' today, showing how English word preferences shift over time.
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