TNPSC Current Affairs 2016
1.Nobel Prize for economics 2016 has given to Oliver Hart and Bengt Holmstrom
Oliver Hart is from Harvard University, Cambridge , MA, USA. And Bengt Holmstrom is from Massachusetts Institute of Technology, Cambridge , MA, USA.
Contract Theory is studies the design of formal and informal agreements that motivate people with conflicting interests to take mutually beneficial action.Contract theory guides us in structuring arrangements between employers and employees, shareholders and chief executives, and companies and their suppliers
In Simple Contract theory will not see the outcome from employee, it will motivate or give incentive for the person who works efficiently and punish if he shirks
for more understanding click the below link.
explainer-what-is-contract- theory-and-why-it-deserved-a- nobel-prize-66826
2.Under Swachh rail-Swachh bharat programme , Indian railways plan to fit bio-toilets in all trains by 2020-2021.
The Rail route from Rameshwaram to Manamadurai section has declared as the country's first 'Green Train Corridor'. This Section is absolutely free from human waste discharge.
The first Bio toilet fit train is Bundelkhand express, between Gwalior and Varanasi in 2011