Small colleges are a vital component of the United States higher education system. However, their unique characteristics are often overlooked in analyses that incorporate all colleges and universities. Many concepts familiar to economics professors but less familiar to more general audiences are helpful in understanding small colleges. These concepts include sophisticated ideas not typically covered in basic economics courses, such as regulatory capture, decision making under uncertainty, and the logic of collective action. By combining economic theories with his own experiences leading small colleges, William T. (Tom) Bogart provides a way for presidents, trustees, and other leaders of small colleges to more effectively help their institutions achieve their full potential.