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What is a Cosmological Constant?

Einstein first proposed the cosmological constant (not to be confused with the Hubble Constant) usually symbolized by the greek letter "lambda" (L), as a mathematical fix to the theory of general relativity. In its simplest form, general relativity predicted that the universe must either expand or contract. Einstein thought the universe was static, so he added this new term to stop the expansion. Friedmann, a Russian mathematician, realized that this was an unstable fix, like balancing a pencil on its point, and proposed an expanding universe model, now called the Big Bang theory. When Hubble's study of nearby galaxies showed that the universe was in fact expanding, Einstein regretted modifying his elegant theory and viewed the cosmological constant term as his "greatest mistake".