We show that the generating function for the higher Weil-Petersson volumes
of the moduli spaces of stable curves with marked points can be obtained fr
om Witten's free energy by a change of variables given by Schur polynomials
. Since this generating function has a natural extension to the moduli spac
e of invertible Cohomological Field Theories, this suggests the existence o
f a "very large phase space", correlation functions on which include Wedge
integrals studied by C. Faber and R. Pandharipande. From this formula we de
rive an asymptotical expression for the Weil-Petersson volume as conjecture
d by C. Itzykson. We also discuss a topological interpretation of the genus
expansion formula of Itzykson-Zuber, as well as a related bialgebra acting
upon quantum cohomology as a complex version of the classical path groupoi
d.