  We propose a new principle for a compact solid-state laser in the 1-100 THz
regime. This is a frequency range where attempts to fabricate small size lasers
up till now have met severe technical problems. The proposed laser is based on
a new mechanism for creating spin-flip processes in ferromagnetic conductors.
The mechanism is due to the interaction of light with conduction electrons; the
interaction strength, being proportional to the large exchange energy, exceeds
the Zeeman interaction by orders of magnitude. On the basis of this
interaction, a giant lasing effect is predicted in a system where a population
inversion has been created by tunneling injection of spin-polarized electrons
from one ferromagnetic conductor to another -- the magnetization of the two
ferromagnets having different orientations. Using experimental data for
ferromagnetic manganese perovskites with nearly 100% spin polarization we show
the laser frequency to be in the range 1-100 THz. The optical gain is estimated
to be of order 10^7 cm^{-1}, which exceeds the gain of conventional
semiconductor lasers by 3 or 4 orders of magnitude. A relevant experimental
study is proposed and discussed.
