Four Theories of Myth There are four basic theories of myth. Those theories are: the rational myth theory, functional myth theory, structural myth theory, and the phsycological myth theory. The rational myth theory states that myths were created to explain natural events and forces. Functional myths are what you call the kinds of myths that were created as a type of social control. The third myth theory is the structural myth theory. This theory says that myths were patterned after human mind and human nature. The phsycological myth theory is the fourth myth theory which states that myths are based on human emotion. The rational myth theory state