When considered to be open in the thermodynamic sense with respect to the enclosed gas, bubbles that are present in a liquid bulk phase are unstable in all respects and tend to dissolve. Conversely, full mechanical (and physicochemical) stability is guaranteed when a bubble is closed with respect to the gaseous component. By assuming the diffusion of dissolved gas molecules away from a spherical gas bubble to determine the shrinkage rate, we calculate the lifetime of a bubble as a function of its size. Gas bubbles in the colloidal size range, with radii between 10 and 100 nm, have surprisingly short lifetimes, between about 1 and 100 mu s, whereas a mm-sized bubble can persist for months. Our results (which confirm and partwise extend the old calculations of Epstein and Plesset [5] [J. Chem. Phys., 18 (1950) 1505], indicate that the bridging bubble/cavity mechanism proposed earlier, can hardly provide the proper explanation of the long-ranged attraction force observed between hydrophobic surfaces immersed in water. (C) 1997 Elsevier Science B.V.