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A particularly troublesome phenomenon, thrashing, may seriously interfere with the performance of paged memory systems, reducing computing giants (Multics, IBM System 360, and others not necessarily excepted) to computing dwarfs. The term thrashing denotes excessive overhead and severe performance degradation or collapse caused by too much paging. Thrashing inevitably turns a shortage of memory space into a surplus of processor time.
Peter J. Denning (Mon,) studied this question.