Labour Theory of Value
A comprehensive examination of the Labour Theory of Value, its historical origins, major frameworks, and its significance in various branches of economics.
Laffer Curve
A curve illustrating the relationship between tax rates and tax revenue.
Lag Operator
Definition and explanation of the lag operator in economics.
Lagrange Multiplier
A mathematical technique for solving constrained optimization problems in economics and other fields.
Lagrange Multiplier (LM) Test
Detailed definition and exploration of the Lagrange Multiplier (LM) test in econometrics and statistical hypothesis testing.
Laissez-faire
A policy advocating minimal government intervention in the economy, where market forces are allowed to operate freely.
Landlord
The owner of land or buildings, entitled to use them or to charge others rent for their use.
Laspeyres Index
An economic measure used to calculate the price change in a specific basket of goods over time using a fixed base period.
Last-in, First-out (LIFO)
An accounting method for inventory management focusing on the order of stock withdrawal.
Latent Variable
A comprehensive overview of latent variables in economics, exploring their definition, applications, analytical frameworks, and related concepts.