  We reconsider the one loop divergence of ${\cal N}=8$ supergravity in four
dimensions. We compute the finite effective potential of ${\cal N}=8$
anti-deSitter supergravity and interpret it as logarithmic running of the
cosmological constant. We find that quantum inequivalence between fields that
are classically dual is due to boundary modes in AdS$_4$. Some subtleties are
traced to the difference between the Euler characteristic of global and thermal
AdS$_4$.
