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Since Wolfdog didn't come back, I went digging for the answers in the Wikimedia Commons page. Turns out it's a USGS illustration and you can buy it as a poster. As near I can tell, it's pretty recent, 2007 or 8.
And, forgive my ignorance, why is time shown as a spiral?
Time is a spiral
and space is a curve
I know you get dizzy,
but try not to lose your nerve
I suspect that the depiction of time (particularly epochs) as a spiral has something to do with the "history repeats itself" adage. Some folks used to conceive of time as a circle, but others said, well, no, because some stuff changes. Going round and round + moving forward = a spiral (which, end on, looks like a circle as long as you don't bend it, though you can bend a spiral into a circle omg just blew your mind). It's a way of saying not so much "history repeats itself," but "the more things change, the more they stay the same.
I get that people conceive of time as a spiral, but I think usually they're talking about the cyclical swing of human events (war, peace; famine, abundance; big generations, small ones, etc) rather than geological time, in which less has sort of recurred (I guess warming/cooling trends...but are they in alignment in this graphic?). I was wondering whether there is a scientific reason to think of geologic time as a spiral.
Hey, sorry I didn't include a source for the picture. My guess as to "why a spiral" was just that it makes the area commensurate with how much information we have about a particular time - we can fill in lots of pictorial detail for the newest stuff, and less and less as times goes back. Also: spirals are just cool.