Pakistan, Oct. 4 -- An economy cannot be made self-sustaining by repeatedly changing the price of its currency. Yet this is how Pakistan often approaches the problem: when exports disappoint, we look to depreciation; when imports rise, we look to restrictions; when tax revenues disappoint, we look for another tax. We keep adjusting the instruments while leaving the machinery largely untouched.

The deeper question is not whether the rupee should be stronger or weaker. It is whether Pakistan can build an economy capable of sustaining itself.

Self-sustainability does not mean self-sufficiency. Pakistan cannot, and should not, try to produce everything it consumes. It means possessing enough productive capacity, institutional credibility an...