Most of the negotiation literature focuses on two strategies, although they call them by different names. One strategy is interest-based (or integrative, or cooperative) bargaining, while the other is positional (or distributive or competitive) bargaining. In their best-selling book on negotiation, Getting to Yes, Roger Fisher and William Ury argue that there are three approaches: hard, soft, and what they call "principled negotiation." Hard is essentially extremely competitive bargaining, soft extremely integrative bargaining (so integrative that one gives up one's own interests in the hopes of meeting the other person's interests) and principled negotiation is supposed to be somewhere in between, but closer to soft, certainly, than hard. All of these topics are discussed in this section.
Adam Smith held that, in a primitive society, the amount of labor put into producing a good determined its exchange value, with exchange value meaning in this case the amount of labor a good can purchase. However, according to Smith, in a more advanced society the market price is no longer proportional to labor cost since the value of the good now includes compensation for the owner of the means of production: "The whole produce of labour does not always belong to the labourer. He must in most cases share it with the owner of the stock which employs him."  "Nevertheless, the 'real value' of such a commodity produced in advanced society is measured by the labor which that commodity will command in exchange. ... But [Smith] disowns what is naturally thought of as the genuine classical labor theory of value, that labor-cost regulates market-value. This theory was Ricardo's, and really his alone."