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. Bogart provides a way for presidents, trustees, and other leaders of small colleges to more effectively help their institutions achieve their full potential.
"One Semester Away from a Crisis is smart and thought-provoking. Bogart's approach, based on years of experience, is both sympathetic to the challenges facing institutions of higher education and generous with examples that are instructive for today's leaders. An important addition to any sitting (or aspiring) president's bookshelf."
"A member of the dismal science, Bogart brings surprising flair to economic insights for the operation of small colleges. The writing is engaging, and the author never loses sight of his serious purpose: to support the sustainability of institutions living on the existential edge."
"Bogart adeptly describes the opportunities and challenges impacting leadership at America's small colleges while offering insights and remedies that only an economist-turned-chief-executive could bring to the table. A smart read for anyone who wants to understand how the complexities and peculiarities of small colleges are placing their essential role in our system of higher education at risk."
"Bogart offers an important new perspective to the often surprising context of finances at a small private college. While the vocabulary, guidelines, regulations, and standards appear consistent across higher education institutions, the realities of the truly small independent college are distinctly different. Analyzing these challenges from an economics perspective—not just a financial management perspective—is an important new contribution to the field. Small private colleges are a vital component of the American higher education ecosystem, and this book should be on the reading list for all presidents and board leaders."
"This book is a must-read for anyone in a leadership role at a small college. With clarity, candor, and the analytical rigor of an economist, Bogart illuminates the unique challenges and opportunities facing enrollment-driven institutions. By blending real-world presidential experience with powerful yet digestible economic concepts, the book challenges presidents, trustees, and aspiring leaders to ask the hard (and right) questions—and to view their institution through a rare, but important framework."
“As a former small college president, I am drawn to Bogart's title and urgency. Small colleges, and larger ones with limited resources, are facing a perfect storm of economics, demographics, and politics. They need leaders who are informed, strategic, and ready to act. Bogart provides these leaders with both a compelling analysis and a toolkit for action. He is also the rare former president and practicing economist who can write a readable book.”
“Small colleges are a vital but often overlooked segment of the U.S. higher education ecosystem. Bogart combines leadership experience with economic insight to illuminate the unique challenges these institutions face and offers a distinctive and valuable perspective on how to lead them effectively.”
“At a time when innovative frameworks are needed to change the trajectory of higher education, Bogart's One Semester Away from a Crisis is an indispensable guide for leaders of small colleges navigating an industry in need of change. Using a unique, clear, disciplined lens of economics, the book unpacks complex leadership challenges—balancing constituent interests, managing scarce resources, leveraging cooperation with competitors, and sustaining mission in the face of financial constraints. Each chapter offers self-contained, real-world applications of core economic concepts, from constrained optimization and portfolio diversification to regulatory capture and the logic of collective action, all tailored to the unique realities of small, teaching-focused institutions. Rather than offering abstract theory, Bogart provides an accessible and practical framework that clarifies why certain decisions—whether in pricing, program design, governance, or partnerships—are made, and how leaders can make them more effectively. For presidents, trustees, senior administrators, and emerging leaders committed to stewarding their institutions through uncertainty, this book is both a reality check and a roadmap for resilient, mission-driven leadership.”
“There are few people better qualified to write about leadership at small colleges than Tom Bogart. Not only does he bring to bear his experience from multiple presidencies and other leadership roles, but he uses the lens of economics (honed through years of teaching economics classes) to set forth with remarkable clarity the challenges and opportunities these colleges face. Anyone concerned about higher education in America should read this book.”
Prologue: Becoming a President ix 1 Introduction 1 2 Make vs. Buy 13 3 Friends, Rivals, Neighbors, and Family 29 4 Portfolio 41 5 Making a Profit 53 6 One Semester Away from a Crisis 67 7 Secular Missionaries 83 8 Risk and Uncertainty 101 9 Herding 117 10 Regulation 129 11 Mergers, Consortia, Startups, and Closures 147 Further Reading 163 Acknowledgments 169 Notes 171 References 173 Index 000
William T. Bogart served as president of Maryville College, Maryville, Tennessee, and Columbia College, Columbia, South Carolina. He is the author of The Economics of Cities and Suburbs and Don’t Call It Sprawl: Metropolitan Structure in the Twenty-First Century.
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