  We argue that the anomalous magnetic moment of the electron (a_e) can be used
to probe new physics. We show that the present bound on new-physics
contributions to a_e is 8*10^-13, but the sensitivity can be improved by about
an order of magnitude with new measurements of a_e and more refined
determinations of alpha in atomic-physics experiments. Tests on new-physics
effects in a_e can play a crucial role in the interpretation of the observed
discrepancy in the anomalous magnetic moment of the muon (a_mu). In a large
class of models, new contributions to magnetic moments scale with the square of
lepton masses and thus the anomaly in a_mu suggests a new-physics effect in a_e
of (0.7 +- 0.2)*10^-13. We also present examples of new-physics theories in
which this scaling is violated and larger effects in a_e are expected. In such
models the value of a_e is correlated with specific predictions for processes
with violation of lepton number or lepton universality, and with the electric
dipole moment of the electron.
