Columnist

Pakistan has rarely lacked geopolitical importance. It has often lacked much else.

Pakistan’s government delivered its budget last week with the now-familiar language of turning points. Growth would reach 4 percent. Revenue would surge by nearly 18 percent. Private investment would finally accelerate. The numbers have the look of a plan. They do not have the feel of one.

The law of unintended consequences is among the oldest principles in economics.