Clone a PostgreSQL database

At some point in development, you may want to make a copy of your existing development database to play with an unstable new feature. Postgres makes it super trivial to do that by allow us to create a new database by using existing database as a template.

In postgres console, run

=# CREATE DATABASE new_database_name WITH TEMPLATE original_database_name;

Boom!, you got a cloned database named new_database_name.

Credit: Creating a copy of a database in Postgres
PS: I've seen a convenient way to make a clone across remote server too. (Haven't try) How to copy postgres database to another server

Update Aug 27, 2015:
Instead of running command in psql, we can use createdb with -T flag like so

$ createdb -T original_database_name new_database_name

Credit: http://stackoverflow.com/a/6739995