UNAB Convenes International Economists to Analyze the Impact of AI on Productivity

How is artificial intelligence impacting worker productivity? What changes is it introducing to the labor market? What is the outlook for Chile?

These and other questions were addressed at the panel discussion “Productivity as a Driver of Economic Growth: Challenges for Chile,” organized by the Institute of Economic Policy (IPE) of the School of Business and Economics at UNAB, the Becker Friedman Institute for Economics at the University of Chicago, and the Central Bank of Chile.

The event, held at the Aznar Hall at the Casona de Las Condes campus, included the keynote lecture “Worker Productivity in the Era of AI,” delivered by Professor Chad Syverson, a leading economist at the University of Chicago. In his presentation, he examined the impact of AI on labor productivity and the strategic challenges for economic growth.

This was followed by a panel discussion moderated by IPE Director Nicolás Garrido, with participation from Syverson; Pablo García, President of the National Commission for Evaluation and Productivity (CNEP); and IPE researcher Benjamín Villena, who shared their perspectives on the topic.

The Impact of AI on the Labor Market

In his keynote lecture, Syverson explained how AI, understood as a general-purpose technology, can influence productivity, employment, and economic growth, with a focus on the challenges and opportunities for Chile and other economies.

The University of Chicago economist, whose research focuses on firm structure, market structure, and their impact on productivity, emphasized that “the only way to sustain improvements in economic well-being is through productivity growth.”

“If an economy cannot figure out how to produce more with the resources it has, or how to create new products that do not yet exist with those same resources, it will not achieve per capita economic growth,” he stated.

Can AI Increase Productivity?

In a context of low productivity across much of the global economy, including the United States and Chile, the University of Chicago scholar suggested that AI could help increase productivity. As an example, he cited a study conducted in a call center, where the introduction of an AI assistant led to a 15 percent increase in hourly productivity.

However, he cautioned that the adoption of this technology, as has been the case with others in the past, may take longer for companies than expected.

Despite concerns about AI among workers, Syverson dismissed the idea that it will lead to widespread unemployment. On the contrary, he argued that AI is not a replacement for workers, but rather a complement and an opportunity for people to develop new capabilities.

“In 1850, in the United States, 70 percent of workers were farmers. Today, it is less than 1 percent. Yet somehow, we found something for those workers to do, without generating widespread unemployment,” he explained.

“I recommend not worrying too much about what AI will do to the labor market. There are good reasons to believe that, with the help of this tool, you may become more productive in your work,” he added.

Panel Discussion

Panelists agreed with Professor Syverson’s analysis and discussed data, structural challenges, and opportunities.

Benjamín Villena, researcher at IPE UNAB, shared statistics on the use of AI in the workplace. He noted that AI-related skills appear as a requirement in only 2 percent of job postings in Chile, compared to 6 percent for programming and 24 percent for tools such as Microsoft Office. He also pointed out that salaries for AI-related roles have remained stable or are increasing.

Pablo García, President of the CNEP, expressed disagreement with the traditional policy approach, which he believes contributes to low economic growth. He cited factors such as high corporate taxes, regulatory constraints that affect investment, and low levels of R&D development. He called for a shift in approach to address inefficient resource allocation.

Syverson concluded the panel with a message to students and future professionals: “Never stop learning. No one can take your education away from you. No matter what happens, you will always have it. And even if AI replaces the ability to read millions of pages at once, I do not believe it will replace human judgment anytime soon.”

An Intellectual Bridge

For the Dean of the School of Business and Economics at UNAB, Dr. Juan Pablo Torres, productivity and AI are “two issues that are redefining the possibilities for economic growth and the way we organize our societies.”

He also emphasized that “this event reflects something that is fundamentally important to us: the collaboration between UNAB and the Becker Friedman Institute for Economics at the University of Chicago. This partnership is not just an agreement; it is an intellectual bridge between Chile and one of the most influential centers of economic thought in the world.”

IPE Director Dr. Nicolás Garrido noted during the event that “being able to produce more with the same amount of resources is a major challenge for society. That capacity is what we call productivity, and we know that it has been a challenge for Chile over the past decade.”

In that context, Garrido highlighted that these are precisely the types of challenges that UNAB, and particularly the School of Business and Economics and IPE, seek to address in order to contribute to societal development.

The event concluded with a workshop that brought together academics and public officials to discuss recent developments in productivity, technological change, and economic growth. The session included participation from leading international economists Chad Syverson, Diego Restuccia (University of Toronto), and Hugo Hopenhayn (University of California, UCLA).