A simplified, nonspectral derivation of a classical theory in plant physiology is presented and used to derive an absorption‐based primary productivity algorithm. Field observations from a meridional transect (4°N to 42°S) in the Atlantic Ocean are then described and interpreted in this theoretical context. The observations include photosynthesis‐irradiance curve parameters (α and Pmax), chlorophyll a and phaeopigment concentration, and estimated phytoplankton absorption coefficients at λ = 440 nm (aph (440)). Observations near the top (50% I0) and bottom (6% I0) of the euphotic zone are contrasted. At both light levels, α, Pmax, aph (440), and pigment concentration varied similarly along the transect: values were highest at the equator and at the southern end of the transect and lowest in the central South Atlantic. It is concluded that this pattern was related to increased nutrient availability due to equatorial upwelling in the north, and increased wind mixing in the south. At the 50% light level, α increased relative to aph at the southern end of the transect. This result appears to reflect a large‐scale meridional (southward) increase in the average quantum efficiency of the photosynthetic units of the phytoplankton. A correlation analysis of the data reveals that at the 50% light level, variations in Pmax were more closely related to aph(440) than chlorophyll concentration and that phytoplankton absorption explains 90% of the variability in Pmax. In theory, this shows that the ratio of the average quantum efficiency of the photosynthetic units of the phytoplankton to the product of their average absorption cross section and turnover time is relatively constant. This result is used to simplify the absorption‐based primary productivity algorithm derived previously. The feasibility of using this model to estimate production rate from satellite ocean color observations is discussed. It is concluded that an absorption‐based algorithm should provide more accurate production rate estimates than one based upon chlorophyll (pigment) concentration.