  We discuss the averaging hypothesis tacitly assumed in standard cosmology.
Our approach is implemented in a "3+1" formalism and invokes the coarse
graining arguments, provided and supported by the real-space Renormalization
Group (RG) methods. Block variables are introduced and the recursion relations
written down explicitly enabling us to characterize the corresponding RG flow.
To leading order, the RG flow is provided by the Ricci-Hamilton equations
studied in connection with the geometry of three-manifolds. The properties of
the Ricci-Hamilton flow make it possible to study a critical behaviour of
cosmological models. This criticality is discussed and it is argued that it may
be related to the formation of sheet-like structures in the universe. We
provide an explicit expression for the renormalized Hubble constant and for the
scale dependence of the matter distribution. It is shown that the Hubble
constant is affected by non-trivial scale dependent shear terms, while the
spatial anisotropy of the metric influences significantly the scale-dependence
of the matter distribution.
