A new formulation for fish production is presented, one that clearly e
mbodies the balance between aggregate somatic growth and losses due to
natural and fishing mortality. The method permits simplified calculat
ion of production over biomass and yield over production ratios; estim
ates of the latter can be used to investigate the reliability of yield
as a proxy for production. Simple applications of the formulation ind
icate taxonomic variation in the yield to production ratio. Specifical
ly, production is well approximated by yield for many piscivorous spec
ies, but yield seriously underestimates production for prey species.