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Modern supply-side economics, also known as securonomics, supply-side social democracy or productivism, is an economic theory and philosophy developed in the early 2020s by economists Janet Yellen, Rachel Reeves and Dani Rodrik. Presented as a modernised alternative to "traditional" supply-side economics, modern supply-side economics is founded on the belief that economic problems are caused by an over-reliance on the free market, and that globalisation and the Washington Consensus of neoliberalism have failed to deliver economic growth. Like supply-side economics, it agrees that increasing supply is a key driver of economic growth, however it rejects the traditional supply-side argument that growth is best achieved by decreasing regulation, lowering taxes for the wealthy and leaving economic direction to the free market, otherwise known as trickle-down economics, and instead argues that growth is best achieved by boosting labour supply, increasing production and reducing inequality and environmental damage by rejecting deregulation and tax cuts to instead prioritise investment in infrastructure, education and green energy. It calls for a more protectionist and interventionist active state which partners with businesses and takes a more active role in managing the free-market economy, boosting production and drawing up industrial policy, as well as an aim towards stronger supply chains, stronger trade unions.

The theory was first conceptualised by Yellen in 2022 to describe the economic strategy of the Biden administration during her tenure as United States secretary of the Treasury. It was further developed by Yellen in 2022 and 2023 alongside Rodrik and Reeves, who introduced the concept of the active state and coined the terms "productivism" and "securonomics" for the theory. An early example of a modern supply-side approach in economic policy can be seen in Canada under Justin Trudeau and the Liberal Party of Canada, which has governed with a modern supply-side economic strategy since 2015, before it was developed as a coherent concept. From the early 2020s, the theory has been increasingly adopted by centre-left political parties and governments throughout the Western world, including the United States under the Democratic Party since 2021, Australia under the Australian Labor Party since 2022 and the United Kingdom under the Labour Party since 2024. It has been described by its proponents and media commentators as an emerging economic consensus, replacing the previous Washington Consensus of neoliberalism. In this context, it has been called the New Washington Consensus.