The renormalization group, as embodied in the Callan-Symanzik equation, has had a profound impact on field theory and particle physics. You've heard from Ramamurti Shankar and Michael about some of its impact on condensed matter physics. I'd like to tell you my view of what the renormalization group has meant to practising condensed matter physicists.

What have we learned from renormalization theory? We learned that the detailed physics of matter at microscopic length scales and high energies is irrelevant for critical phenomena. Many different microscopic theories lead to exactly the same physical laws at a critical point. As Michael Fisher explained, one can even make precise quantitative predictions about certain ‘universal’ critical exponents without getting the microscopic physics right in detail. What is important is symmetry, conservation laws, the range of interactions, and the dimensionality of space. The physics of the diverging fluctuations at a critical point, which take place on scales of a micron or more, that's 104 angstrom, is largely ‘decoupled’ from the physics at angstrom length scales.

This story about scaling laws at a critical point tells us something about the meaning of a ‘fundamental physics’. Fundamental physics is not necessarily the physics of smaller and smaller length scales, to the extent that these length scales decouple from the physics that we're interested in at the moment. To elaborate on this point, I'd like to refer to a short paper, which influenced me a lot as a graduate student, that Ken Wilson wrote in 1972.