This paper sets up a dynamic open-access model of a single industry exploiting a single resource stock. The model is applied empirically to describe the dynamics of the eastern Baltic Sea cod fishery. The theoretical model is based on the benchmark papers by Smith (1968, 1969). Types of steady state are discussed theoretically and the theory is applied to the eastern Baltic Sea cod fishery. The empirical path the fishery has been following since 1982 is determined and how it relates to the optimal path to steady state is discussed. Comparisons are made to other empirical studies, and the stability of the steady state is evaluated. The paper concludes that the Baltic Sea cod stock likely is on a path to a stable steady state, and it might not be a problem that the stock is below safe biological limits.