Former Treasury Secretary Larry Summers said Ford CEO Jim Farley’s idea of the “essential economy” is a good concept as it doesn’t focus narrowly on just factory work.

Amid fears that AI will wipe out large swaths of white-collar work, Farley has highlighted shortages in blue-collar professions, putting the unmet need at about 1 million jobs, as many American schools, families and policymakers have neglected the essential economy.

He even revealed recently that his son worked as a mechanic this summer and is questioning the need to attend college.

In a recent interview on Bloomberg TV’s Wall Street Week , Summers noted Farley isn’t fixated on a rigid notion of blue-collar jobs.

“I think Mr. Farley’s concept is a very good one, and it represents a very important difference from an

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