An associative algebra is nothing but an odd quadratic codifferential on the tensor
coalgebra of a vector space, and an A-infinity algebra is simply an arbitrary odd
codifferential. Hochschild cohomology classifies the deformations of an associative algebra
into an A-infinity algebra, and cyclic cohomology in the presence of an invariant inner
product classifies the deformations of the associative algebra into an A-infinity algebra
preserving the inner product. Similarly, a graded Lie algebra is simply a special case of
an odd codifferential on the exterior coalgebra of a vector space, and an L-infinity
algebra is a more general codifferential. In this paper, ordinary and cyclic cohomology of
L-infinity algebras is defined, and it is shown that the cohomology of a Lie algebra (with
coefficients in the adjoint representation) classifies the deformations of the Lie algebra
into an L-infinity algebra. Similarly, the cyclic cohomology of a Lie algebra with an
invariant inner product classifies the deformations of the Lie algebra into an L-infinity
algebra which preserve the invariant inner product. The exterior coalgebra of a vector
space is dual to the symmetric coalgebra of the parity reversion of the space, while the
tensor coalgebra of a vector space is dual to the tensor coalgebra of its parity reversion.
Using this duality, we introduce a modified bracket in the space of coderivations of the
tensor and exterior coalgebras which makes it possible to treat the cohomology of an
A-infinity or L-infinity as a differential graded algebra in the same manner in which the
Gerstenhaber bracket is used to transform the Hochschild cochains of an associative algebra
into a differential graded algebra.