The first is the "historical-archaeological" approach, that myth "is a distorted and fantastic version of something that actually happened." The second approach is "psychological", presenting "in symbolic form the unconscious desires and loathings which lie buried deepest in the most hidden recesses of the psyche."
The first approach is "historical-archaeological", which posits that myths are a distorted and fantastical retelling of actual events. The second approach is "psychological", suggesting that myths express unconscious desires and fears hidden deep within the human psyche.