The first reason for the downward slope of the aggregate demand curve is Pigou's wealth effect. Recall that the nominal value of money is fixed, but the real value is dependent upon the price level. This is because for a given amount of money, a lower price level provides more purchasing power per unit of currency.
Clinton Eastwood Jr. was born on May 31, 1930, in San Francisco, California. He was the first of Clinton and Ruth Eastwood's two children.
Clint Eastwood has won five Academy Awards, twice as Best Director and as producer of the Best Picture (1992's Unforgiven and 2004's Million Dollar. Go Log In Sign Up