According to the Vicious Circle theory, what is the main cause of persistent low income levels?

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Increasing government aid leads to dependency on social welfare schemesLow earnings result in demands for increased money supplyReduced income levels push for reliance on inexpensive foreign goodsLow average income results in minimal savings, which in turn maintain low income

Explanation

The Vicious Circle theory suggests that when per capita income is low, savings remain insufficient, preventing capital accumulation and thus keeping incomes low over time.