Clearly, those trade-offs are hard to make [for economists] because, to begin with, they do not clearly know the probability of being wrong. Economists [could only] have a gut feel of what it is. And whatever models that economists use, these will produce numbers, but they would nowhere be like the numbers you [actuaries] use in your own job.
For instance, you are looking at life expectancy, the probability of getting sick, and so on. At least, you [actuaries] have a more solid basis for estimating those probabilities, whereas we, economists, are just guessing. And then, when we are right, it is obvious. There is a story that goes: a man was on a hot air balloon, but he got lost.