IPA: /ˈfɒli/
KK: /ˈfɑli/
A foolish act or idea that often leads to negative consequences; a lack of good judgment or sense.
Investing all his savings in that scheme was a real folly.
Folly originates from Old French *folie*, meaning foolishness or madness, which is derived from the Latin *follis* (meaning bellows or a bag, often used metaphorically for emptiness). The word 'folly' refers to a lack of good sense or foolishness.
Think of 'foolishness' as a way to remember that 'folly' means a lack of good sense or wisdom.