Labour share of income: (Part 7 – The roles of wages and profits) Phuah Eng Chye (7 July 2018) Wages have an important role in an economy. The International Labour Organization (ILO) notes they “are a major source of household income in both developed economies and emerging and developing economies. In developed economies, wages represent … “Labour share of income: (Part 7 – The roles of wages and profits)”