Renormalization group equations for effective field theories

We derive the renormalization group equations for a generic nonrenormalizable theory. We show that the equations allow one to derive the structure of the leading divergences at any loop order in terms of one-loop diagrams only. In chiral perturbation theory, e.g., this means that one can obtain the series of leading chiral logs by calculating only one loop diagrams. We discuss also the renormalization group equations for the subleading divergences, and the crucial role of counterterms that vanish at the equations of motion. Finally, we show that the renormalization group equations obtained here apply equally well also to renormalizable theories.