How an Economic Boom Can Run Out the Clock

Australia’s 27-year stretch of growth offers lessons for U.S policy makers

James Glynn

Updated July 15, 2018 12:00 p.m. ET

SYDNEY—U.S. history suggests economic expansions come with expiration dates.

Since 1854, the U.S. has experienced 34 expansions, lasting from 10 months to 120. The current one, in its 10th year, is already longer than all but the one of the 1990s.

Is it doomed to end soon? While U.S. history suggests yes, one advanced economy far away suggests...