I have a question about understanding the Lagrangian of standard model, should we view it as a "fundamental" or effective theory? The "fundamental" theory here means the theory with physical cutoff (maybe Planck scale) $\Lambda$; the effective theory here means the theory given by lowering the cutoff $\Lambda'<\Lambda$, (Wilsonian renormalization), and we pick up the leading terms as we saw in the action.
The reason to think the standard model Lagrangian is an effective action
We haven't tested the physics up to the physical cutoff (Planck scale?), this is an extra assumption that the standard model is valid up to physical cutoff. To the contrary, in the effective theory, the cutoff is much more reasonable (e.g. LHC scale).
The reason to think the standard model Lagrangian is a "fundamental" action
If we follow the renormalization flow, the coupling constant of QCD will grow in low energy scale, then the perturbation breaks down. We know from lattice calculations of hardron mass, that even in low energy, QCD works. The Wilsonian renormalization group transformation is formulated from perturbative expansion (may be this is just my limited knownledge, correct me if I am wrong). Since QCD agree with experiment beyond the regiom of perturbation, it has to be a "fundamental" action, than effective action. Similar attitude applies to the standard model.
It seems the question is rather a mental setup. Since standard model works very well so far at LHC, it seems hard to distinguish these two opinions: whether viewing standard model action as "fundamental" or effective.