AbstractThe (in)equational properties of iteration, i.e., least (pre-)fixed point solutions over cpo's, are captured by the axioms of iteration theories. All known axiomatizations of iteration theories consist of the Conway identities and a complicated equation scheme, the commutative identity. The results of this paper show that the commutative identity is implied by the Conway identities and a weak form of the Park induction principle. Hence, we obtain a simple first order axiomatization of the (in)equational theory of iteration. It follows that a few simple identities and a weak form of the Scott induction principle, formulated to involve only inequations, are also complete. We also show that the Conway identities and the Park induction ...