What is "elegant" design?

I'm sure you've either heard, read, or used "elegant" to refer to a good design, but does it have a specific meaning other than "great?"

Is there a rubric you'd use to judge an interaction or design to be "elegant?" Even a rough one?

Or is this just a fairly meaningless buzz word that I should just ignore?

For context: I'm really not trying to troll or cause a debate. In focusing on how and where I improve my skills, I've noticed this adjective come up a lot. However, I've yet to understand what it means enough to judge whether or not I'm making progress in creating these "elegant designs" that seem to be a requirement for most UX jobs.