NIV vs. NASB: Understanding theory of translation

The NIV vs the NASB.
It is important to understand the different types of translations, and that defines what “accurate” means. Which is more accurate - word for word perfect, or something that better communicates the meaning?
There are two ways to translate. one is word for word. This is very “accurate” but it is often hard to read. There are differences in language that make translation difficult. Word for word can actually obscure the intended meaning as seen in the context.
The second option is Dynamic equivalence, which seeks to translate thought for thought, instead of word for word. This is easier to read and conveys the meaning more clearly in the language it is translated into.
The NIV uses the thought for thought theory, while the NASB is more word for word. Both are about the same as far as my definition of accuracy goes, but the NASB is more technically accurate from a word for word standpoint.
But even when you pick one theory or the other, there is still some overlap.
There are also paraphrases, like the Living Bible or The Message. These are not true translations at all, but just a retelling of it in another language. The
se are good for reading large segments at a time, but there is not as much regard for literal word for word accuracy.