The article aims at investigating the concept of morphological productivity, which, although frequently applied in the discussion of various word-formational analyses, has not, as it seems, received attention sufficient for its disambiguation. In order to clarify this issue, the article inquires into the complex interrelations of such notions as productivity, transparency, frequency, and potentiality. Moreover, the view of productivity as a cline is also inspected, and, consequently, the linguistic and extralinguistic constraints on productivity are scrutinised and commented on.