T.S. Eliot and I.A. Richards both revolutionized literary criticism but approached tradition and modernism differently. Eliot emphasized 'Tradition' as essential, advocating for poets to be part of a historical continuity and impersonal in their creations, placing tradition above individual expression. Richards, while also valuing text analysis, focused more on reader-response and the psychological aspects of interpretation, emphasizing meanings within texts like sense, feeling, tone, and intention. Together, they navigated a balance between respecting past works and engaging with modern textual analysis .

According to T.S. Eliot, 'Individual Talent' is the poet's ability to reinterpret and adapt the pastness of historical works into new forms. Eliot suggests that individual talent involves positioning oneself among the past poets to be evaluated. This creates a dynamic interaction where the present affects the past, leading to the creation of art that reflects both historical knowledge and new insights .

Close reading is significant in New Criticism as it represents a methodological shift towards focusing on the text itself as a self-contained entity. This contrasts with earlier analysis methods that emphasized authorial intent, historical context, or biographical details. New Critics advocated for examining how literary devices within the text, such as metaphor and irony, contribute to its meaning. This analytical approach allowed for a more object-focused critique, rejecting extraneous interpretations in favor of textual integrity .

T.S. Eliot's concept of 'Impersonal Poetry' challenges previous literary norms by asserting that poetry should be distinct from the poet's personal emotions and experiences. Instead, he emphasizes the importance of tradition and historical continuity in creating poetry, valuing the objective quality of art over subjective expression. This challenged prior beliefs that emphasized the individual creative force and personal experience as primary sources of poetic creation .

I.A. Richards' theory identifies four kinds of meanings—Sense, Feeling, Tone, and Intention. Together, they provide a comprehensive understanding of literature. 'Sense' refers to what is literally said, 'Feeling' to the speaker's emotions toward the subject, 'Tone' to the speaker's attitude towards the audience, and 'Intention' to the effect the speaker aims to produce. Understanding these interplay allows readers to better grasp the full meaning of the text, enhancing their interpretive and analytical skills .

John Crowe Ransom significantly impacted literary criticism by coining the term 'New Criticism' and establishing it as a formalist movement. His work emphasized analyzing the formal elements of literature through close reading, which shifted the focus from biographical and historical context to the text itself. This led to a reevaluation of literary studies, making the aesthetic structure and literary devices the centerpiece of critical analysis, and influenced future generations of critics .

Ivor Armstrong Richards influenced New Criticism through his pioneering work in close reading and articulating theoretical principles to analyze poetry. His approach, particularly outlined in his work 'Practical Criticism,' highlighted the importance of understanding the interplay of different meanings within a text, thus shaping later methodologies of New Criticism by focusing on texts themselves rather than external factors like authorial intent or historical context .

T.S. Eliot redefines the concept of 'Tradition' in his essay 'Tradition and the Individual Talent' by emphasizing its continuity from the past. He argues that a poet must write within this tradition, suggesting that the past informs the present while also being altered by it to create new art. This creates a dynamic relationship where the understanding of past works influences current creations and vice versa, thus giving primacy to literary tradition over the poet's individual personality .

In I.A. Richards' theory, 'Tone' refers to the author's attitude towards the audience. It plays a crucial role in interpreting a poet's work as it affects how the message is perceived by the reader. By understanding tone, readers can discern the implicit emotional context of the words, revealing underlying attitudes and moods. This enhances the reader's ability to engage with the text beyond the literal meaning, leading to deeper appreciation and more nuanced interpretation .

In Eliot's theory, 'Impersonal Poetry' plays a central role by suggesting that poetry should transcend personal emotions or subjective influences, aiming instead to achieve a timeless aesthetic through tradition. This separation allows the poem to exist as a self-referential object, where the poet's role is to synthesize historical influences into new creations rather than infusing personal experiences. Thus, the poet serves more as a mediator of tradition than as an individual ego, redirecting focus to the synergy of past and present in literary creation .