J.A.Richard gave the concept of referential statements and pseudo statements. He said referential statements deal with poetry because they deal with the false statements and deal with emotions of the poet. He introduced the idea of objective correlatively and dissociation of sensibility.
In objective correlatively, approach Eliot showed, poetry should be impersonal and there should be no expression of biography. In Dissociation of sensibility Eliot presents the gap between intellect and emotions.
So this theory can be compared with traditional critics, who say that text is something which tells us about the introduction of author. On the other hand new criticism said that text is unified whole and there is no intention of author.
Formalism.
Formalism is a school of literary and critical theory which mainly deals with structural purposes of a text. It is the study of text without outside influence. This approach reduces the importance of historical and cultural context of the text.
Russian formalism was an influential school of literary criticism in Russia from 1910 to 1930.Important contributors of this approach was Viklov Shklovsky, Vladimir Propp and roman Jakobson etc. Formalists were primarily oriented towards the form of literature. They deal with the study of literature as literariness. It means that text does not convey meaning but there are certain devices which bring the elements of defamiliarization. According to these formalists literature does not provide meaning, it only gives perception about the text. Formalists say that artfulness of object is important not the object itself. What the wanted to know is how literature works, how it achieves its defamiliarization effects. In 1925 Boris Toma Shevski formulated the fullest formalist answer to the question of how to distinguish the language of fiction from ordinary language. He presented two forms of stories, fabula and suyzhet. Fabula deals with what story is, it is straight forward account of something.