The p-value is commonly misinterpreted; it is not an error rate!
Keep in mind:
The p-value is the probability of observing another sample statistic that is at least as extreme as the given sample statistic, assuming that the null hypothesis is true.
Example:
Say we are testing how well a medication works, and have a sample data with \(\mu_0\). We find a p-value of 0.04.
Incorrect interpretation: There is a 4% chance of error when rejecting \(H_0\), i.e. there is a 4% chance of a Type I error.
Correct interpretation: Assuming that the medication has no effect, you would still expect to obtain at least the sample effect \(\mu_0\) in 4% of other studies, due to random sampling error.