We discuss some physical aspects of our Liouville approach to non-critical
strings, including the emergence of a microscopic arrow of time, effective
field theories as classical ``pointer'' states in theory space, CPT violation
and the possible apparent non-conservation of angular momentum. We also review
the application of a phenomenological parametrization of this formalism to the
neutral kaon system.Comment: CERN-TH.7269/94, 37 pages, 2 figures (not included), latex. Direct
inquiries to: [email protected]
