It sounds like you are comparing political conservativism and economic liberalism.
Economic liberalism is the economics supported by political conservatives. Trickle-down, anti regulation- like a liberal parent letting the market do what it wants.
Liberal politicians don't support liberal econonmics. They support a guiding hand from the government in the marketplace, (regulations) to keep the game fair. With regulations such as labor laws, capitalism was reigned in and the middle class was created.
Progressive politicians support a different way of thinking about economics all together-what if the game wasn't about individual gains at all, but about maximizing social gains.
How the nomeclature got so confusing I don't know, maybe it makes sense to academics.
If you are talking about economics, instead of saying liberalism, you should just call it Supply Side economics or the Chicago school to avoid the confusion of liberal politics with liberal economics. Unless that confusion is intentional.