Table of Contents
Get insights from Harvard professors with this list of 10 must-read books on finance to improve your money skills and achieve success.
Finance is not everyone’s cup of tea, but it is a field that everyone wants to succeed in. Personal finance is a subject that is unique to each individual.
Whether you’re a student, a working professional, or a seasoned investor, financial literacy is a skill that needs polishing from time to time. Understanding personal finance is a basic necessity that each individual needs to be familiar with.
So, we’ve compiled a list of the best books on finance recommended by Harvard Economics professors: Jason Furman, Kenneth S. Rogoff, and Nobel Laureate Claudia Goldin.
Best Personal Finance Books Recommended by Harvard
1. Money by Jacob Goldstein
Summary:
Jacob Goldstein is a renowned American author, journalist, and podcast host. He explains how money is a man-made instrument that has evolved over centuries.
This is one of the best finance books that smartly explains the basic fundamentals of money along with its historic significance, giving the readers a unique insight into the world’s economic landscape.
Key Takeaway:
The book offers a great insight into the evolution of money over the centuries. It also delves into the role of banks and money’s role in times of economic crises.
Who Should Read This Book?
This book is a great resource for anyone who wishes to learn about the transition of money and the role it plays in the real world.
Recommended by: Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School/Department of Economics
2. The Future of Money by Eswar S. Prasad
Summary:
Does the digital world of finance become too much to handle? Indian-American economist Eswar S. Prasad is here to walk you through it all.
The Future of Money majorly focuses on the rise of digital currencies and their impact on the political system and individuals.
The renowned economist examines and explains how technology is reshaping the financial landscape.
Key Takeaway:
The book explores everything about digital currency, from global implications, technical challenges, and the impact of fintech innovations to regulatory challenges and ethical concerns.
Who Should Read This Book?
It is one of the best personal finance books for tech enthusiasts who wish to learn about the intersection of finance and technology.
Recommended by: Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School/Department of Economics
3. Money Mischief by Milton Friedman
Summary:
Milton Friedman is a well-recognised Nobel Prize-winning economist and statistician from the USA. His book Money Mischief offers valuable insight into the history of money.
You will learn about all the major and minor events that have played a role in the functioning of money in the economies of various countries.
Key Takeaway:
This book is a valuable asset for everyone, from small business owners to professional brokers, to get a grasp on money management.
Who Should Read This Book?
If you wish to understand how money influences society, government policies, and the world economy, this book is for you!
Recommended by: Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School/Department of Economics
4. The Price of Peace by Zachary D. Carter
Summary:
Zachary D. Carter’s The Price of Peace: Money, Democracy, and The Life of John Maynard Keynes is an exceptional biography of the historic influential economist.
The book explores the life journey of John Maynard Keynes and his influence on the 20th-century economic landscape.
You will learn about Keynes’ contribution to the monetary policies in the post-WWII era. The economist emphasises the role of the economy beyond wealth, highlighting its social impact.
Key Takeaway:
Carter has pointed out that Keynes’ ideologies have faded away over the centuries and that they need to be revisited to tackle modern socio-economic challenges.
Who Should Read This Book?
The book is best suited for those interested in learning about economic history and for students pursuing a career in economics.
Recommended by: Jason Furman, Aetna Professor of the Practice of Economic Policy, Harvard Kennedy School/Department of Economics
5. The Ascent of Money by Niall Ferguson
Summary:
If you’re curious to learn how banking, money, and credit systems shaped the world and humanity, Niall Ferguson’s The Ascent of Money is the book for you!
It explores themes such as the evolution of money, the rise and fall of debt, the development of financial institutions, financial crises, and more.
Key Takeaway:
Niall Ferguson’s book teaches the readers how money shapes and is shaped by human history and social, economic, and historical changes.
It highlights how investors and policymakers fall prey to destructive patterns, leading history to repeat itself.
It is crucial to understand the mechanisms of money and finance to navigate the modern world.
Who Should Read This Book?
It is one of the best finance books for history enthusiasts and those who are eager to learn financial history and its impact on economic evolution.
Recommended by: Kenneth S. Rogoff, Professor of Economics and Maurits C. Boas, Chair of International Economics
6. The Only Game in Town by Mohamed A. El-Erian
Summary:
Mohamed A. El-Erian is a brilliant Egyptian-American economist and the author of The Only Game in Town.
In his book, El-Erian talks about the major financial crisis of 2008 and how central banks acted to overcome the challenges.
While the national banking system worked hard to overcome the losses caused by the 2008 global financial crisis, this strategy wasn’t sustainable.
El-Erian talks about how government bodies, financial institutions, and other global authorities need to work hand-in-hand to avoid such crises in the future.
Key Takeaway:
Mohamed A. El-Erian educates the readers on how central banks can’t be the only authority we rely on in case of a financial crisis.
It is the duty of policymakers, government officials, and global leaders to come together to build a strong foundation to tackle such problems.
Who Should Read This Book?
It is a useful book for the general audience to understand the global financial landscape.
Moreover, it offers great insights to business leaders to help them understand macroeconomic trends.
Recommended by: Kenneth S. Rogoff, Professor of Economics and Maurits C. Boas, Chair of International Economics
7. Ben Franklin: An American Life by Walter Isaacson
Summary:
Walter Isaacson is a renowned author known for his best-selling biographies, such as Steve Jobs and Einstein.
Isaacson’s Ben Franklin: An American Life delves into America’s most influential figure, Benjamin Franklin’s early life, career, and more.
It goes on to explain how he was a pioneer in the colonial era by introducing the novel idea of paper money and serving as the state's official money printer for both New Jersey and Pennsylvania.
Key Takeaway:
It is a well-written biography about Benjamin Franklin, which gives a unique insight into the life of one of the founding fathers of America.
Who Should Read This Book?
This book is for all those who love to read biographies and for history buffs interested in learning more about Ben Franklin’s contributions to American history.
Recommended by: Kenneth S. Rogoff, Professor of Economics and Maurits C. Boas, Chair of International Economics
8. The Curse of Cash by Kenneth S. Rogoff
Summary:
The Curse of Cash is written by a celebrated Harvard professor, Kenneth S. Rogoff. Kenneth talks about the negative implications of physical cash in the current scenario.
The book explains how digital currency is the way forward, and it is time to bid adieu to paper money.
He has laid down the benefits of digital currency and addressed privacy concerns by offering suggestions to tackle these issues.
Key Takeaway:
Kenneth S. Rogoff’s book provides insight into the threats to society caused by high-denomination physical currency.
It talks about all the pros and cons of introducing digital currencies to replace paper money.
Who Should Read This Book?
The book is suitable for people who want to learn all about digital currencies and their benefits over traditional money.
Recommended by: Kenneth S. Rogoff, Professor of Economics and Maurits C. Boas, Chair of International Economics
9. The Forgotten Financiers of the Louisiana Purchase by Larry Neal
Summary:
The Louisiana Purchase was one of the biggest land purchases in American history, and the book emphasises the crucial but frequently disregarded role played by European financiers in making this possible.
The international banking networks and financial systems that made the deal possible are thoroughly examined in the book.
Key Takeaway:
The book sheds light on how the people involved contributed to financial innovation.
It also shares an in-depth look into the momentous transaction that doubled the size of the original United States and helped put the nation on a path to global supremacy.
Who Should Read This Book?
The book is an intriguing read for historians, economists, and the general public who love to learn about significant historical events.
Recommended by: Claudia Goldin, Henry Lee Professor of Economics; Lee and Ezpeleta Professorship of Arts & Sciences
10. Career and Family by Claudia Goldin
Summary:
Claudia Dale Goldin is a 2023 Nobel Memorial Prize winner in economic sciences at Harvard University. She is the author of Career and Family: Women’s Century-Long Journey Toward Equality.
In her book, Goldin investigates how women's experiences juggling work and family have been influenced by shifting legislative, economic, and social norms.
Key Takeaway:
Goldin discusses themes like generational shifts, gender pay gaps, social norms, public policy, and women’s access to education in detail.
Who Should Read This Book?
This book is a must-read for policymakers and young men and women to understand the role of money in women’s lives.
Recommended by: Claudia Goldin, Henry Lee Professor of Economics; Lee and Ezpeleta Professorship of Arts & Sciences
These were all the best books on finance as recommended by the brilliant minds at Harvard for all. The above-mentioned books will help you understand the world of finance better and help you make sound decisions for your personal finances.
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