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This is an important diary, and this is the money quote which I think you should find a way to sneak above the fold: paragraph 5 is not good enough.
The Queueing Theory shows also another important thing: if the load on the system goes above a certain threshold it becomes impossible to predict queue lengths or waiting times, the system goes into chaos.
This is obvious with hindsight, but if you hadn't pointed it out I wouldn't have realised...

For laymen, in the following chart derived from the logistic map, you can see the analogue of "load" on the horizontal axis (increasing to the right) and the analogue of "equilibrium" queue sizes on the vertical axis.

Click on the image for a fuller explanation.

Now I must go and reflect deeply on what Luis is writing here...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Sat Dec 13th, 2008 at 02:32:40 PM EST

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