Longman Dictionary of Contemporary English homepage

Date: 1200-1300
Language: Old French
Origin: folie, from fol; FOOL1

folly

 noun
     
Related topics: Architecture, Buildings
fol‧ly plural follies
1 [uncountable and countable] formal a very stupid thing to do, especially one that is likely to have serious results:
Somerville bitterly regretted his folly at becoming involved.
it would be folly to do something
It would be sheer folly to reduce spending on health education.
the follies of aristocratic society
2 [countable]AATBB an unusual building that was built in the past as a decoration, not to be used or lived in
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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