Material produced by two people: one wise, the other foolish (10)
I believe the answer is:
seersucker
'material' is the definition.
(I know that seersucker is a type of material)
'two people one wise the other foolish' is the wordplay.
I cannot quite understand how this works, but
'people' could be 'seers' (seer is a kind of person) and 'seers' is found in the answer.
This may be the basis of the clue (or it may be nonsense).
'produced by' acts as a link.
Can you help me to learn more?
(Other definitions for seersucker that I've seen before include "Material" , "Puckered fabric" , "Cotton" .)