In lasso, we first standardize all variables to mean=0, var=1. As such, a beta is simply correlation, right? We want to keep the sum of absolute values of betas below certain value, so what do we do:
we keep adding variables, highest correlation first(in absolute value), until the sum of absolute values of their betas, i.e. of their correlations, is below the threshold.
Is this correct? If not, what's the correct explanation of lasso in terms of correlations(vs betas)?