This paper explores the relationship between traditional fisheries, fisheries enhancement (ranching), and aquaculture. It evaluates why they are different and why fisheries economists have largely neglected aquaculture issues, despite the fact that most of the growth in fish supply over the past two decades has been the result of aquaculture development. It is argued that the core difference between aquaculture and traditional fisheries is the degree of control; control of the environment, production, and marketing systems. It is further argued that the degree of control is closely related to the strength of property rights. Three examples are presented to provide empirical support for the propositions. They focus on the salmon, lobster, and shrimp industries.