The rapid increase in scale and sophistication of offshore wind (OSW) farms poses a critical challenge related to the cost-effective operation and management of wind energy assets. A defining characteristic of this challenge is the economic trade-off between two concomitant processes: power production (the primary driver of short-term revenues), and asset degradation (the main determinant of long-term expenses). Traditionally, approaches to optimize production and maintenance in wind farms have been conducted in isolation. In this paper, we conjecture that a joint optimization of those two processes, achieved by rigorously modeling their short- and long-term dependencies, can unlock significant economic benefits for wind farm operators. In specific, we propose a decision-theoretic framework, rooted in stochastic optimization, which seeks a sensible balance of how wind loads are leveraged to harness short-term electricity generation revenues, versus alleviated to hedge against longer-term maintenance expenses. Extensive numerical experiments using real-world data confirm the superior performance of our approach, in terms of several operational performance metrics, relative to methods that tackle the two problems in isolation.