What's your alternative good?
Really, I think that there is no such thing as a perfect government, only a perfect citizenry, because the power of a government is always derived from the people within it. A philosopher king would not be able to maintain power unless either A) he was omnipotent or B) the people allowed him to remain in power.
False dichotomies are the sceptre of the philosopher king‽
In one way, the system I've proposed has an inherent protection against this problem that our current system doesn't have. Specifically, because all candidates are chosen by random lottery, an incumbent cannot run for a second term except in the exceedingly rare circumstance that they are chosen twice in a row by the lottery. Therefore, the incumbent has no incentive to try to please any third party that helped them get elected in order to retain their support for a re-election campaign.
However, suppose for a moment that you're the revolutionary leader of a small nation in Latin America and, after a long struggle, you have risen victorious over the oppressive old regime of your country and there is overwhelming public support for you to become dictator. But, being aware of the inherent long term problems of dictatorships, you don't want to be a dictator. So, you declare, "We will implement a constitutional republic like the Americans. But, to ensure our government always has the best interests of our people at heart and we are never again dominated by an elite ruling class, we will choose our representatives in the legislature by a lottery like the American PowerBall." What, then, would be impractical about implementing a jury duty system of democratic representation?
Beyond that, you run into the problem of lobbyists. Not the evil type that is a stand-in for the word "corruption", but instead the legitimate "education" type lobbyists. You lose much of the institutional knowledge that prevents candy coated views of the world from taking hold. Honestly, how many of the randomly selected people are going to understand the trade-offs of each and every policy, be it economic, societal, political, industrial, trade, environmental, etc. Having experienced people who have been around a few cycles provides a base level of knowledge.
I think democracy is necessary - but not sufficient - to maintain stability in the state and moderation in the laws. The cultural problem we face today is that the popular perception of democracy has shifted from seeing it as a mechanism by which the public can protect itself against the abuse of power to seeing it as a legitimizing factor for the assertion of power; institutions are criticized for being "undemocratic" on the latter basis, targeted for reform, and the end result is that our laws become increasingly unbalanced and excessive.