Rabbi Yosi and Rabbi Elazar discuss the issue of Jacob's two names, Jacob and Israel. Rabbi Elazar explains why Jacob is only sometimes called Israel, while after Abram's renaming, he is always referred to as Abraham. Abraham's original name was imperfect, whereas Jacob's name denoted a higher level of spirituality.
Each person's name is a link between his body and soul.
When we make this connection, we begin to express our Divine purpose. These verses, therefore, help us fulfill our mission in the world.