But note that the trend of falling memory prices was already becomingThey did no such thing.
clear by the 1970s, if not earlier. The earliest batch systems only kept >>> one program in memory at one time, and swapped it out for another one when >>> it went into any kind of I/O wait, to keep the CPU busy...
Well, early timesharing systems such as PDP-11 systems or TSO.
Genrally speaking, batch systems only waited for tapes and disks.
Swapping wouldn't make sense because the swap disk would be no faster
than the device a program was waiting for. Indeed it might be the same device.
Starting in the 1960s there were plenty of batch systems that ran
multiple programs, switching back and forth when the programs were I/O
bound, but the programs were all in memory so it was just context
switching, no extra I/O.
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