Light-cone approach to random surfaces embedded in two dimensions

We review the recently proposed \lc\ quantization of the matrix model which is expected to have a critical point describing 2-d quantum gravity coupled to $c=2$ matter. In the $N\to\infty$ limit, we derive a linear Schroedinger equation for the free string spectrum. Numerical study of this equation suggests that the spectrum is tachyonic, and that the string tension diverges at the critical point.