Final answer:
The term for unrestrained and often licentious celebration is debauchery. It refers to excessive indulgence in sensual pleasures, such as drinking, music, and other forms of revelry.
Step-by-step explanation:
The term for unrestrained and often licentious celebration is debauchery. Debauchery refers to excessive indulgence in sensual pleasures, such as drinking, music, and other forms of revelry.
For example, in the context of the question, the mention of paintings depicting people engaged in drinking, music, or gambling, known as 'Merry Company' paintings, illustrates the idea of debauchery. These paintings were meant to evoke the indulgent lifestyle of the Prodigal Son from the biblical parable who squandered his inheritance on wine, women, and song.