5 Must-Read Books to Understand How Money Works, Recommended by Harvard Economists

Bizphire February 17, 2025

This is a great list of books that can help demystify the complex world of money! Each book brings a unique perspective, whether it’s the history of finance, the workings of monetary systems, or the real-world implications on people’s lives.

Here’s a quick breakdown:

Money by Jacob Goldstein
This one seems like a fun yet informative read. It’s a mix of history, scandal, and a deep dive into what we call money today. If you like learning about how things didn’t work out in the past (and laughing a little along the way), this one’s for you.
The Ascent of Money by Niall Ferguson
A deep dive into the history of finance that covers everything from ancient Mesopotamia to modern banking. If you’re into long, sweeping histories with a bit of humor and drama, this should keep you hooked.
Money Mischief by Milton Friedman
Milton Friedman is a big name in economics, and this book makes his ideas more accessible without getting lost in complex jargon. If you want to understand how the U.S. monetary system works and its impact on your daily life, this is a great choice.
Ben Franklin: An American Life by Walter Isaacson
Not your typical economics book, but Franklin’s role in the invention of paper currency and his influence on American finance makes this biography an insightful entry point into understanding money in the American context.
Career and Family by Claudia Goldin
This one takes the economic theories and applies them to real-life decisions. Goldin’s focus on the balance between career and family, especially for women, adds a fresh lens to how economics affects individuals beyond just the numbers.

For a beginner, Goldstein’s “Money” or Ferguson’s “The Ascent of Money” could be the most engaging. They’re history-heavy but readable, with plenty of human stories to keep things interesting. But if you’re looking for something more academic with practical insights, Friedman’s “Money Mischief” is a solid choice.

Which one sounds most intriguing to you?