Pasinetti's Ricardo after Sraffa: A reformulation based on Ricardo's 'early writings'

Pasinetti's (1960} mathematical formulation of the Ricardian system has been the main formal reference for the studies on Ricardian political economy since its publication. It presented an analytical formulation of the logical skeleton of distribution and value theory contained in Ricardo's Principles. It was written before the publication of Sraffa's (1960) book, where we find a plain rehabilitation and generalization of the theory of distribution contained in some Ricardo's early writings (the 'corn-ratio' theory of profit). In this essay, Pasinetti's model is reformulated in such a way to provide a mathematical formulation of the income distribution theory contained in Ricardo's early writings.