Avi, interesting idea, but I understand the issue that we want Torah understanding of the issue if possible. If not, then use democracy as a second best option.
Then, in our time, we don’t have a situation when an Adam Hashuv is not available – they are all a call or an email away. I don’t think it matters whether a talmid chacham is an economic expert himself or he asks an expert, as long as he has intellectual capability to deal with the issue. Every expert consults others, books, etc. The point is that the final decision is based on Torah framework and not on the economists.
Here are a couple of examples where outcome may differ:
paying teachers. Current policies in US favor heavy regulation of schools, tenure and union protection for teachers. Halacha seems to favor unlimited competition, exempting teachers (as well as peddlers of perfume) from standard medieval guild protection – to make education more affordable for poor people. In other professions, we balance interests of buyers and sellers, but in education, interests of buyers are much higher. That’s the Jewish value and economists may or may not agree.
another one – COVID rule relaxing. Politicians care about economy and about reelection. A Torah authority might be more careful.
We can also have different solution depending on different behaviors. Famous one that Roman inspector did not like – Jews pay half of damage by an animal, while non-Jews – full, because we presume that Jew was watching the animal and damage was unintentional.
Thus, for example, during COVID in a community where kids can learn at home with parents, they can be told to stay home. In a community, where kids will be roaming streets and facebook, kids might need to come to school despite the risk.