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.
Eastwood has also directed five actors in Academy Awardâwinning performances: Gene Hackman in Unforgiven, Tim Robbins and Sean Penn in Mystic River, and Morgan Freeman and Hilary Swank in Million Dollar Baby. Eastwood has received numerous other awards, including an America Now TV Award as well as one of the 2000 Kennedy Center Honors. He received an honorary degree from University of the Pacific in 2006, and an honorary degree from University of Southern California in 2007.