Demystifier said:
(I know why, but I don't know how to explain it at a B-level.)
Or let me try. Doing theoretical physics usually consists of two parts:
(i) Writing the
equations.
(ii) Finding the
solutions of those equations.
Usually the equations in (i) look simple, but the solutions in (ii) look very complicated. Very often we cannot find exact solutions, but only approximative ones.
The charge ##e=-1## is a parameter that appears in (i). But that's not something that we can measure directly. What we directly measure is some physical measurable quantity ##M##. To find how ##M## depends on ##e##, we must do (ii), that is find the solution of (i). We don't know the exact solution, but we know an approximative solution that has the form
$$M\approx ae^2$$
where ##a## is constant. Another way to write this is
$$e^2\approx \frac{M}{a} \;\;\;\; (1)$$
This is a very simple expression, but unfortunately it is only approximately true. It would be nice if something as simple as that would be exactly true, so we ask the following question: Is it possible to find a similar relation that is both simple and exactly true at the same time?
It turns out that it is possible, by performing a trick that is called "renormalization". Instead of dealing with the charge ##e##, we introduce a new quantity ##e_R##
defined by the formula
$$e^2_R\equiv \frac{M}{a} \;\;\;\; (2)$$
The quantity ##e_R## is called
renormalized charge. It does not appear in simple equations in (i), but it is useful because the solution (ii) looks simple when expressed in terms of ##e_R##, rather than ##e##. Formula (2) looks very similar to the formula (1), except that formula (2) is
exactly true, by definition.
Since ##M## is something that we actually measure, it should not be surprising that it depends on details how the measurement is performed. In particular, it depends on energies of the particles, that is on how close the particles approach each other. Hence ##M## is really a function of energy, so we write ##M=M(E)##. But then (2) implies that ##e_R## is also a function of energy, so (2) must be written as
$$e^2_R(E) = \frac{M(E)}{a} \;\;\;\; (3)$$
Thus we see that the renormalized charge ##e_R## is not a constant, but a function of energy. This dependence of ##e_R## on energy ##E## is called "running". At the same time, ##e=-1## is a true constant. The parameter ##e## is useful because it makes the equations (i) simple, while the ##e_R(E)## is useful because it makes the solution (ii) simple.
The final and perhaps most difficult question is what is the "true" charge? Is it ##e## or is it ##e_R##? Well, the question is more philosophical than physical. It depends on what do you mean by "true". The ##e## is "true" because it appears in the fundamental equations in (i), while ##e_R## is "true" because it is directly related to something measurable.