Abstract
As is well-known, the formal system in which Frege works in his Grundgesetze der Arithmetik is formally inconsistent, Russell's Paradox being derivable in it. This system is, except for minor differences, full second-order logic, augmented by a single non-logical axiom, Frege's Axiom V. It has been known for some time now that the first-order fragment of the theory is consistent. The present paper establishes that both the simple and the ramified predicative second-order fragments are consistent, and that Robinson arithmetic, Q, is relatively interpretable in the simple predicative fragment. The philosophical significance of the result is discussed.