I came across this simple LED Driver circuit ( I am aware of the power losses but just wanted to understand its working) .
Now in a Voltage regulator configuration , ADJ is connected to a voltage divider which sets the voltage output at the OUT pin .
Now in this image R2 is replaced by an LED(Which has very low resistance) and R1 is the control potentiometer which helps us control the brightness to the LED .
Can someone explain how exactly does the LED Driver circuit work ? The part I get confused is the wire to the ADJ pin. Does it behave like a feedback of sorts to get a voltage on the o/p ?