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economic devolution (DO, PO)<br />1 The transfer of all economic decision making to individual households and businesses.<br /> 2 The principal characteristic of a MINIMAL STATE.
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<strong>LSDA</strong> – Late Stage Delinquency Assistance. Refers to procedures followed by Student Loan Counseling Services (SLCS) when a loan is 241 days delinquent or more. The MDHE contracts with SLCS for default aversion assistance services.
lag (E6)<br />The period of time elapsing between the change in value of an economic variable and the appearances of the effects of that change, e.g. the time lag between an income tax cut and an increase in consumer spending. These lags can be technological, psychological or institutional. They are a common feature of most economic relationships, especially relating to FISCAL POLICY, because a lapse of time is necessary before legislation and institutional behaviour can be adjusted: it takes time to change tax law, to pay out incomes and to spend money.<br /><em>See also:</em> administration lag; implementation lag; inside lag; Lundberg lag; outside lag; Robertsonian lag
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