We expand upon on an earlier renormalization group analysis of a non-Fermi
liquid fixed point that plausibly govers the two dimensional electron liquid in
a magnetic field near filling fraction ν=1/2. We give a more complete
description of our somewhat unorthodox renormalization group transformation by
relating both our field-theoretic approach to a direct mode elimination and our
anisotropic scaling to the general problem of incorporating curvature of the
Fermi surface. We derive physical consequences of the fixed point by showing
how they follow from renormalization group equations for finite-size scaling,
where the size may be set by the temperature or by the frequency of interest.
In order fully to exploit this approach, it is necessary to take into account
composite operators, including in some cases dangerous ``irrelevant''
operators. We devote special attention to gauge invariance, both as a formal
requirement and in its positive role providing Ward identities constraining the
renormalization of composite operators. We emphasize that new considerations
arise in describing properties of the physical electrons (as opposed to the
quasiparticles.) We propose an experiment which, if feasible, will allow the
most characteristic feature of our results, that isComment: 42 pages, 5 figures upon request, uses Phyzzx, IASSNS-HEP 94/6