This extraordinary graph comes from a new paper by Prof Richard Jones of Sheffield University in a new paper on the need to invest in innovation published by the Sheffield Political Economy Research Institute (SPERI):
I have not read the full paper as yet, but it looks worth doing so.
What the graph shows is something anyone interested in political economy needs to understand: 2008 was not a blip; it was a complete change in trajectory for economic growth.
The questions that remain are what we do about it and how we react to it? And as yet few have answers to either. Richard Jones is tackling the first, in particular.