  We discuss certain recent mathematical advances, mainly due to Perelman, in
the theory of Ricci flows and their relevance for renormalization group (RG)
flows. We consider nonlinear sigma models with closed target manifolds
supporting a Riemannian metric, dilaton, and 2-form B-field. By generalizing
recent mathematical results to incorporate the B-field and by decoupling the
dilaton, we are able to describe the 1-loop beta-functions of the metric and
B-field as the components of the gradient of a potential functional on the
space of coupling constants. We emphasize a special choice of diffeomorphism
gauge generated by the lowest eigenfunction of a certain Schrodinger operator
whose potential and kinetic terms evolve along the flow. With this choice, the
potential functional is the corresponding lowest eigenvalue, and gives the
order alpha' correction to the Weyl anomaly at fixed points of (g(t),B(t)).
Since the lowest eigenvalue is monotonic along the flow and reproduces the Weyl
anomaly at fixed points, it accords with the c-theorem for flows that remain
always in the first-order regime. We compute the Hessian of the lowest
eigenvalue functional and use it to discuss the linear stability of points
where the 1-loop beta-functions vanish, such as flat tori and K3 manifolds.
