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It may be used in the accusative and substantively (i.e., as a noun) to mean "better things", "always better", "ever better", or, more fully, "for the pursuit of the better".
It is also the motto of University of Rochester in Rochester, New York, voted for by the faculty in 1851 and translated as "ever better" or "always better". For more information about the use of meliora as the University of Rochester's motto, see http://meliora.rochester.edu/index.php?page=what.
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