Just use the axiom schema of induction instead of the second order axiom of induction and you will be able to produce theorems though.
But you wont be able to produce all true statements in SOL PA, that is, PA with the standard model, because of the incompleteness theorems. To be able to prove a larger subset of such statements, you would have to add new axioms to PA. If adding an axiom T to PA does not prevent the standard model from being a model of PA+T, that is it does not prove any statements that require the existence of nonstandard numbers, then PA+T is ω-consistent.
So, why can't we just keep adding axioms T to PA, check whether PA+T is ω-consistent, and have a more powerful theory? Because we can't in general determine whether a theory is ω-consistent.
Perhaps a probabilistic approach would be more effective. Anyone want to come up with a theory of logical uncertainty for us?
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ω-inconsistency isn't exactly the same thing as being false in the standard model. Being ω-inconsistent requires both that the theory prove all the statements P(n) for standard natural numbers n, but also prove that there is an n for which P(n) fails. Therefore a theory could be ω-consistent because it fails to prove P(n), even though P(n) is true in the standard model. So even if we could check ω-consistency, we could take PA, add an axiom T, and end up with an ω-consistent theory which nonetheless is not true in the standard model.
By the way, there are some papers on models for adding random (true) axioms to PA. "Are Random Axioms Useful?" involves some fairly specific cases, but shows that in those situations, random axioms generally aren't likely to tell you anything you wanted to know.
I thought for ω-consistency to even be defined for a theory it must interpret the language of arithmetic?