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suppose we have a 500,000-degree polynomial, and that we fit this to 50,000 data points. In this case, we have 450,000 degrees of freedom, and we should by default expect to end up with a function which generalises very poorly. But when we train a neural network with 500,000 parameters on 50,000 MNIST images, we end up with a neural network that generalises well. Moreover, adding more parameters to the neural network will typically make generalisation better, whereas adding more parameters to the polynomial is likely to make generalisation worse. 


Only tangentially related, but your intuition about polynomial regression is not quite correct. A large range of polynomial regression learning tasks will display double descent where adding more and more higher degree polynomials consistently improves loss past the interpolation threshold. 

Examples from here:

Relevant paper