Should-Read: The price level is the (inverse) price of symbols of purchasing power in terms of an index of useful commodities. The nominal interest rate is the price of liquidity services. The real interest rate is the slope of the intertemporal price system for useful commodities. Is that clear? David Glasner: Milton Friedman Says that … Continue reading Should-Read: David Glasner: Milton Friedman Says that the Rate of Interest Is NOT the Price of Money: Don’t Listen to Him!