Yes, in Economics they are called Type I and Type II errors. Basically, doing nothing is a type I error. Doing something that is wrong is a Type II error and much more severe.
"in economics"? thats a very narrow view, its basic statistics and is used everywhere.
It also always depends on the context if a Type I error is worse or better than a Type II error; saying that one is more severe than another is false. Given that the null hypothesis can be made either as "It is true that" and also as "It is not true that" saying one is worse than another can't be said at all as a Type I error becomes as Type II error depending on your null hypothesis. Usually the null hypothesis is a negation of something though.
Lets take the example of someone having potentially cancer and getting tested
null hypothesis would be : he has no cancer. (and if we take the environment it would be "there is no global warming")
1) the test says "he has cancer" while he has not. That is a false positive - an type I error. (if you take the environment instead it would be "test says there is manmade warming while in reality there is not")
2) the test says "he doesn't have cancer" while in reality he has. That is a false negative - an type II error. (if you take the environment instead it would be "test says there is no man-made warming while in reality there is")
You surely agree that in this Situations the Type II error is more harming.
If a Type I or II error is more problematic often also depends on the viewpoint
null hypothesis : "He didn't kill the girl" (lets assume its a trial)
1) judge decides "he did kill the girl" while in reality he didn't. That would totally suck for him but for the society its just 1 more guy in prison.
2) judge decides "he didn't kill the girl" while in reality he did kill the girl. That would be a great danger for the society but it would be great for the murderer.
(and if the null-hypothesis had been "he killed the girl" it would be just the other way around 1) would be a type II error and 2) would be a type I error)