According to Dmitri Borgmann in Beyond Language (Scribner's, 1967), the English language contains two or three million words. However, this is not enough to take care of all situations one meets in daily life.
Eckler, A. Ross
"We Need A Word For This!,"
Word Ways: Vol. 39
, Article 5.
Available at: http://digitalcommons.butler.edu/wordways/vol39/iss2/5