社會支付給競爭法的代價，就像它支付給廉價的舒適品和奢侈品一樣，代價昂貴;但是競爭法的好處高于它的代價，因為正是這種競爭法，我們才能擁有如此的物質發展，引來生活水平的改善。

　　The price which society pays for the law ofcompetition,like the price it pays for cheap comfortsand luxuries,is also great,but the advantages of thislaw are greater still than its cost,for it is to this lawthat we owe our wonderful materialdevelopment,which brings improved conditions in itstrain.

　　獲得更多知識的唯一途徑是通過教育和培訓。知識如同資本，物質資源和汗水一樣，已經變成了生產的一個必要因素—也許是最基本的因素。因此，一個社會的教育體系應該是能夠向以知識為基礎的工作迅速轉變，否則這個社會就將不可避免地落在后面。

　　The only way to acquire more knowledge is byeducation and training.Knowledge,like capital,materialresources and sweat,has become anecessary,perhaps the most fundamental factor ofproduction.Therefore,the educational system of asociety should be able to shift towards theknowledge-based work fast,or this society will inevitably lag behind.

　　教育的作用，美國一切大學學術機構的作用，是使我們國家的生命得以延續，是將我們經過歷史烈火考驗的最優秀文化傳給青年一代。同樣，教育有責任訓練我們青年的心智和才能，通過具有創造精神的公民行動，來改進我們美國的學術機構，適應未來的要求。

　　It is the function of education,the function of allthe great institutions of learning in the UnitedStates,to provide continuity for our national life—totransmit to youth the best of our culture that hasbeen tested in the fire of history.It is equally theobligation of education to train the minds and thetalents of our youth;to improve,through creative citizenship,our American institutions inaccord,with the requirments of the future.