While studying renormalization and the renormalization group I felt that there wasn't any completely satisfying physical explanation that would justify those methods and the perfect results they get. Looking for some clarity i began to study Wilson's approach to renormalization; while i got a lot of insight on how a QFT works and what's the role of quantum fluctuations etc I could not find a direct clear connection between the "standard" approach and the Wilson one. I'll try to be more specific:
To my understanding Wilson approach says (very) basically this: given a quantum field theory defined to have a natural cutoff $\Lambda$ and quantized via path integrals (in euclidean space-time)$$W=\int \mathscr D\phi_{\Lambda} \; e^{-S[\phi]}$$ it is possible to study the theory at a certain scale $\Lambda_N<\Lambda$ by integrating, in an iterative fashion, off high momentum modes of the field. Such rounds of integration can be viewed as a flow of the parameters of the lagrangian which is bounded in its form only by symmetry principles. For example, given a certain $$\mathscr L_0=a_0\; \partial_{\mu}\phi+b_0\;\phi^2+c_0\;\phi^4$$ we will get something like $$\mathscr L_N=\sum_n a_n \;(\partial_{\mu}\phi)^n+b_n\phi^n+\sum_{n,m}c_{nm}(\partial_{\mu}\phi)^n(\phi)^m$$ where the new parameters $a_n \quad b_n \quad c_{nm}$ have evolved from the original parameters via some relation which depends on the cutoff in some way. Now from some dimensional analysis we understand that the operators corresponding to these parameters organize themselves in three categories which are marginal, relevant and irrelevant and this categories are the same as renormalizable, super renormalizable and non renormalizable. Then there is the discussion about fixed points and all that stuff needed to have a meaningful perturbative expansion etc.
My question(s) is (are):
How do I put in a single framework the Wilsonian approach in which the relations are between the parameters at the scale $\Lambda_N$ with those of the lagrangian $\mathscr L_0$ and their renormalization group flow describes those changes in scale with the "standard" approach in which we take $\Lambda\rightarrow+\infty$ and relate the bare parameters of the theory $g_0^i$ with a set of parameters $g_i$ via renormalization prescriptions at a scale $\mu$ and then control how the theory behaves at different energy scales using Callan-Symanzik equation ?
How different are the relations between the parameters in the Wilson approach and the one in the "standard" approach? Are these even comparable?
What is the meaning (especially in the Wilsonian approach?) of sending $\Lambda$ to infinity apart from getting completely rid of non-renormalizable terms in the theory?
Does, in the standard approach, a renormalization prescription which experimentally fixes the parameters $g_i$ at a scale $\mu$ basically give the same as integrating from $\Lambda\rightarrow +\infty$ to the scale $\mu$ in the Wilsonian approach?
I'm afraid I have some confusion here, any help would be appreciated!