Yes, using books is the quickest (and most expensive!) way to fill up your characters' spellbooks. When you find a book, if you have a character with the appropriate school of magic that doesn't have the spell, put it in that character's inventory, right-click on it, and the Invoke button will appear. Click it, and that character has the spell. So then you can work out which spells each character needs, and check out the shops. The higher the level, the more $! If none of your characters need the spell and won't need it in the future, just sell it.
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