The predictions of low energy theorems on pion photoproduction are confronted with the exciting new experimental data near threshold. Isobars in the s‐ and u‐channels and heavier mesons exchanged in the t‐channel give only small corrections. The role of rescattering is discussed in some detail. A calculation of the threshold amplitude based on current algebra is able to describe the data but has serious shortcomings concerning gauge and Lorentz invariance. Following a derivation of the low energy theorems from field theory, we find that the discrepancy between experiment and theory could be due to a possible induced pseudoscalar of non‐pionic origin in the axial vector current.