It is pronounced LAY - Z but we Spell it LA - ZY. LA-Zy sounds more like La, "as in a note that follows so" and ZY which rhymes with KY. The etymology of the wow LAY -Z makes more sense. When you do not feel like doing a task, you "LAY" down and catch some "Z's", I petition that dictionary change the English language to reflect the proper spelling of the word, LAY - Z.