Written by one of the world's leading theorists working on the Josephson effect, this extensive monograph offers a detailed description of the statics, dynamics and statistics of Josephson junctions. Particular emphasis is placed on the dynamics of new circuits and analog and digital devices using single quanta of magnetic flux. Professor Likharev also describes for the first time in the monograph literature new phenomena of correlated tunneling of single electrons and Cooper pairs in ultrasmall tunnel junctions.