The calderas of Kilauea and Mauna Loa are highly dynamic structures, and in the <200-year historic period have varied in volume by a factor of 2, and gained or lost 1 km3 per century. The deeply eroded caldera of the extinct Koolau Volcano in Oahu is wider than active Hawaiian calderas, and its lavas have a strong centripetal dip and funnel structure not evident at Kilauea or Mauna Loa. The differences can be attributed to the different erosion depths, and the time integrated subsidence profile of Kilauea is also a stepped erosion depths, and the time integrated subsidence profile of Kilauea is also a stepped funnel (having its apex at Halemaumau). Koolau caldera is the focus of an extraordinarily intense dike complex, and an intriguing feature is the great diminution in dike concentration into the caldera. It is thought that dike injection in any part of the complex generally continued until it reached 50% to 65%. In outer parts of the caldera, the complex was maintained at or rebuilt to this value despite subsidence. In the center of the caldera (where the positive Bouguer anomaly is centered), subsidence evidently greatly outpaced the capacity of dike injections to rebuild the complex. Assuming the same dike injection rate as Kilauea and Mauna Loa yields a volumetric subsidence rate in Koolau caldera exceeding 1 km3 per century. Hawaiian calderas are much more dynamic than calderas of silicic volcanoes, shaped by frequent small events instead of a few great ones. The temporal and volumetric correspondence of historical subsidence events with eruptions is poor, and this and the high subsidence rates argue for a caldera-forming mechanism that consumes the subsided rocks. It is suggested that subsidence is caused by the great localized excess load of intrusive rocks, carrying the center of the volcano into the thermally weakened lithosphere above the Hawaiian hot spot. It is envisaged that under steady state conditions the magma chamber rises, as the injection of intrusions causes the level of neutral buoyancy (at which the chamber is located) to ascend, and keeps pace with subsidence. ¿ American Geophysical Union 1988