- Elgar original reference
L labor-intensive. Goods and services that use more labor, relative to other factors, in their production process. labor-leisure trade-off. The supposed trade-off that people face when determining how many hours they should work. Greater hours worked means higher income, but the trade-off is reduced leisure hours. labor productivity. The real value of output per unit of labor input, usually measured per hour or person days. labor theory of value. The notion, attributed to Karl Marx, that the measure for the value of goods and services should be the amount of labor (such as person hours) devoted to its production. Labradorcurrent. A cold current that flows southwest from Greenland towards eastern Canada, and the coasts of Labrador and Newfoundland. Lagrangian function. Function formed by the objective h c t i o n from an optimization problem plus each of the constraints each multiplied by a Lagrangian multiplier. See Lagrangian multiplier. FURTHER READING Grafton and Sargent (1997). Lagrangian multiplier. A variable created to help solve optimization problems with constraints. It is treated like a choice variable in the optimization problem. See Lagrangianfunction. lag time. The period of time from an initial event before its effects can be observed or realized. lahars. Landslides of volcanic origin. LakeNyos. Site in Cameroon where in 1986 a release of carbon dioxide from the lake asphyxiated almost two thousand people. Lamarckian evolution. The discredited theory, named after Jean Baptiste Lamarck, that evolution occurs due to the inheritance of acquired characteristics. For example, Lamarck would have believed that...
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