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Recently, I am studying the online course Effective Field Theory provided by MIT OCW. Prof. Stewart gives a nice picture to summarize the effective theories:

Example Effective Field Theories derived from Quantum Field Theory

As a newbie in this field (I only have a knowledge of QFT on the level of Peskin & Schroeder's book), I am quite confused with so many terminologies. What do they stand for and Why do we need these different theories? Could someone explain this picture in depth (especially on their advantages and limitations)? Any help will be greatly appreciated.

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I'm hoping to start a book club for these lectures. If you would be interested in taking part please let me know at: meta.physics.stackexchange.com/questions/5560/… –  JeffDror Feb 28 at 10:51
    
If you are interested we intend on watching the first 2 lectures by March 17th. We have a chat set up here: chat.stackexchange.com/rooms/13401/effective-field-theory –  JeffDror Mar 10 at 1:21
    
@soliton: If you've made any progress in the course, you might be able to answer your own question. I think it will help many others :-) –  Siva 3 hours ago

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