Sure, and the Broadbent Institute has an excellent paper on the history of the Economic Council. We shut ours down in 1989, so we went pure hands-off neo-liberalism when others were upgrading their instruments or doubling down on this.
It could be something that is there to measure and manage the intangibles economy. It would be attuned to our contemporary realities, but the concept is policy expertise like we used to have. We stripped it away because we didn't need input because it was all hands off.
You would model it after probably what Australia's doing, take some lessons from other countries, look for a nice insertion point for where to put it in the government and cry a bit of a sad cry over why we shut it down for 30 years.