The parametric shortest path problem is to find the shortest paths in graph where the edge costs are of the form w_ij+lambda where each w_ij is constant and lambda is a parameter that varies. The problem is to find shortest path trees for every possible value of lambda. The minimum-balance problem is to find a ``weighting'' of the vertices so that adjusting the edge costs by the vertex weights yields a graph in which, for every cut, the minimum weight of any edge crossing the cut in one direction equals the minimum weight of any edge crossing the cut in the other direction. The paper presents fast algorithms for both problems. The algorithms run in O(nm+n^2 log n) time. The paper also describes empirical studies of the algorithms on random graphs, suggesting that the expected time for finding a minimum-mean cycle (an important special case of both problems) is O(n log(n) + m).