The virtues of an effective field theory (EFT) approach to many-body proble
ms are illustrated by deriving the expansion for the energy of an homogeneo
us, interacting Fermi gas at low density and zero temperature. A renormaliz
ation scheme based on dimensional regularization with minimal subtraction l
eads to a more transparent power-counting procedure and diagrammatic expans
ion than conventional many-body approaches. Coefficients of terms in the ex
pansion with logarithms of the Fermi momentum are determined by the renorma
lization properties of the EFT that describes few-body scattering. Lessons
for an EFT treatment of nuclear matter are discussed. (C) 2000 Elsevier Sci
ence B.V. All rights reserved.