Irreversibility of the Renormalization Group Flow in Two Dimensional   Quantum Gravity
  We argue that the torus partition sum in $2d$ (super) gravity, which counts physical states in the theory, is a decreasing function of the renormalization group scale. As an application we chart the space of $(\hat c\leq1)$ $c\leq1$ models coupled to (super) gravity, confirming and extending ideas due to A. Zamolodchikov, and discuss briefly string theory, where our results imply that the number of degrees of freedom decreases with time. 
David Kutasov