The prominent historical figure known for writing "The Wealth of Nations" is Adam Smith. Published in 1776, this foundational text is often regarded as one of the first modern works on economics and the principles of free markets. In it, Smith argues for the invisible hand of the market, suggesting that individuals seeking personal gain inadvertently contribute to the overall economic good. His ideas laid the groundwork for capitalism and influenced economic policies, promoting the belief in self-regulation of markets and the importance of competition in fostering innovation and growth.