Adam Smith is known for writing the famous work "The Wealth of Nations," first published in 1776. Often regarded as the foundation of modern economics, the book presents Smith's ideas on free markets, competition, and the division of labor. He argued that individuals pursuing their self-interest unintentionally contribute to the overall economic well-being of society, coining the term "invisible hand" to describe this phenomenon. Smith's work profoundly influenced economic thought and policy, advocating for the reduction of government intervention in markets and promoting the benefits of capitalism and open trade.