I've been researching this very question for some time, and I've come to the conclusion that while there are several so-called "solutions" offered in various places, none of them really fixes the problem or makes the symptoms go away. The best I've found is techniques that change when inactive memory is swapped, such as the use of the purge command you referred to. I believe that MacLemon is correct that swapping can be disabled only in entirety and not selectively, and so disabling the swapping of inactive memory would in practice be equivalent to disabling virtual memory altogether—which could be a workable solution on a machine with really large amounts of RAM, but is impractical on machines with a low maximum RAM capacity, such as MacBooks or Minis.

The reason that none of the ad-hoc purging solutions make the situation significantly better is that there are really only two ways to force OS X to clear inactive memory: the purge command, or forcing allocation of all free memory (and since I'm not certain what method purge uses, these two may actually be more or less the same). purge, as you mentioned, takes a non-trivial amount of time to complete. Allocating all free memory simply accelerates the process by which the contents of inactive memory would be swapped out naturally, and so still takes up the same large amount of system resources. The only advantage of either of these solutions is that they allow you to choose when the swapping occurs, so it can be done before you would be normally trying to allocate that memory to something else. Whether that is actually useful to you depends on several factors, so the simplest way to find out is to just try it.

I've been testing a few of the memory-clearing utilities out there, and I've found that for me, manually forcing inactive swap requires more active monitoring of memory levels than is practical while I'm actually working, and using a utility that automatically forces the swap when free memory drops below a certain threshold is no better than letting the OS do it on its own, as I still have no control over when the swapping will occur and my apps will SPOD. So while there is an app that will do exactly what your alternative question asks for, that doesn't actually make the situation any less painful.

Until Apple's OS development team decides that the memory management system isn't working the way it's supposed to, and they figure out a way to make it work properly, the only real solution is to identify which apps are generating the most inactive memory and stop using them. In my situation, this has meant changing web browsers. I've been testing a variety of them, and Chrome is so far the one that seems to generate the least inactive memory, probably in part because every tab and every extension runs as a separate process, allowing the OS's native memory management to treat each one separately in terms of prioritizing swapping. Safari is the worst I've tried; starting with Safari 5.1, I could open a few tabs, do absolutely nothing, and watch the inactive memory rise rapidly in Activity Monitor—it would easily go from <1gb inactive to >3gb inactive within about five minutes, run the swap cycle, and then do the exact same thing. (Granted, memory that is doing nothing is exactly what makes it inactive in the first place, but it shouldn't create more inactive memory than was allocated active in the first place.) Safari 6 under Mountain Lion is a bit better, but not better enough to be worth switching back. Firefox, not being based on WebKit, ought to be better about this than either Safari or Chrome, but it has its own legacy of memory management problems, including a history of memory leaks, that make it no better in practice.

What would really fix the issue is if there was an option, likely a hidden option in the OS, telling the OS to simply dump the contents of inactive memory when needed instead of swapping its contents to disk. But I don't expect Apple to ever make such an option available.

Privilege needed

On Mountain Lion purge can be run from a normal user account.

On Mavericks purge can only be run from root account (through sudo). If you attempt to run it with a normal user account, you will get an error message:

Unable to purge disk buffers: Operation not permitted

Real function

purge doesn't act directly on main memory. Its core function is to terminate all the IO pending which are using disk cache and then to free all the occupied disk cache.

purge should free disk space to ease paging out and swapping out of main memory. Hence many people get convinced that purge was freeing main memory. This is an urban legend.

Real fault

This problem is clearly coming directly from the MacOS X kernel. It might be caused by programs doing a lot of I/O on a system where the virtual memory is already heavily used. But these programs are false culprits.

You may find such a false culprit exhibited here: Mountain Lion Panic - decode

A kernel panic is a kernel fault. The type of error message is a kernel error message. It is a kernel fault.

From your actual context, I advise you to run sysdiagnose and open a bug case at Apple with the result. This tool will run for you all the relevant tools to analyze any misbehaviour of your system or anny application running on it.

Please read this professionnal answer: Apple sysdiagnose