I guess it’s too much to expect from a US presidential candidate to give an actual economics lesson in a major economic policy speech, but Hillary Clinton got at least part of the way there this morning in a pre-hyped address focused on the theme of “strong growth, fair growth, and longterm growth.” For far more important than her three-part prescription for raising middle class incomes in America is the way she inextricably links growth and fairness together:

In calling for a “growth and fairness” economy, Clinton explains, “you can’t have one without the other.”

While many pundits will focus on a perceived leftward shift in Clinton’s policy agenda—a new “paleoliberalism,” as Matt Yglesias calls it—more interesting is the apparent shift in the economic thinking that guides it. This is more than a mere rejection of Trickle-Down Economics; Clinton’s linking of growth and fairness signals a profound break from some of the basic economic tenets that have guided our nation’s economic policy for almost half a century.

And no, I don’t think I’m reading too much into this one little line.

We all knew that Clinton was going to call for things like immigration reform, gender pay equity, parental leave, high-quality universal preschool, and affordable daycare. That was made clear from the many previews her staff gave reporters. And as Clinton acknowledges, not only aren’t many of her proposals new, some are downright “battle-scarred.”

But what is new is the confident assertion that these sort of policies are “are essential to our competitiveness and growth” by enabling more Americans to fully participate in our economy. What’s good for the middle class is good for America, Clinton declared today, but not just because a majority of Americans are middle class.

Alas, Clinton didn’t delve into the details, but the underlying principles are clear. Innovation is essential to growth in the highly competitive technological global economy of the 21st century, and it is workforce diversity and inclusion that drives innovation. That’s why most major corporations have offices of diversity and inclusion reporting directly to c-level management. So it’s not just fair to women to provide the support necessary to allow them to stay in the workforce and rise up the ranks on an equal par with men—it’s good for corporate America and our economy as a whole, because we all benefit from the innovation that comes from workforce diversity.

And it is this economic calculus that flips neo-classical economics on its head, by shifting our focus from financial capital to human capital. The old school of American liberalism was largely ameliorative, using government to rein in the excesses of market capitalism through regulation, and to address the market’s inevitable inequities through redistributive programs and a strong social safety net. And sure, a lot of what Clinton proposes does the same.

But by recognizing that these programs are not just fair, they “are essential to our competitiveness and growth,” Clinton transcends paleoliberalism to embrace a more modern understanding of how the real economy really works.

“I believe we have to build a ‘growth and fairness’ economy,” declares Clinton, because “You can’t have one without the other.”

You won’t find this principle stated in any of the usual Econ 101 textbooks. But you will find it in a major economic policy speech from the 2016 Democratic frontrunner. And that’s a huge first step toward crafting an economic agenda that fits the reality of our 21st century economy.