The two demands: Why a demand for non-consumable money is different from a demand for consumable goods

The paper explicitly discusses the key differences between a demand for consumables and demand for (non-consumable) credit money; why this matters. For example, in contrast to consumables, money can not be demanded by only one agent; it is a stock variable; credit requires special arrangements to implement trust now to clear up a debt later; for a finite time period there is zero demand for non-consumable money (Hahn paradox). These issues are important for developing micro-foundations of monetary macroeconomics, including those for a liquidity trap and credit crunches, not well investigated in existing literature. Contemporary economic theory already has some answers, initiated by works of Martin Shubik. These micro-foundations are vitally important for understanding the 2020 credit crisis, and the concept of a credit cycle as a long-run interaction between real and financial sectors of economic systems.