Abstract
We show that classically scale invariant gravity coupled to a single scalar field can undergo dimensional transmutation and generate an effective Einstein-Hilbert action for gravity, coupled to a massive dilaton. The same theory has an ultraviolet fixed point for coupling constant ratios such that all couplings are asymptotically free. However the catchment basin of this fixed point does not include regions of coupling constant parameter space compatible with locally stable dimensional transmutation. In a companion paper we will explore whether this more desirable outcome does obtain in more complicated theories with non-Abelian gauge interactions.
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