What the Sin of Greed Is and Is Not
Wealth-seeking can be sinful or virtuous.
Anti-capitalists argue that capitalism is inconsistent with Christianity, citing biblical passages mentioning greed, money, and wealth. But as Lawrence W. Reed wrote:
“Jesus never even implied that accumulating wealth through peaceful commerce was in any way wrong; he simply implored people to not allow wealth to rule them or corrupt their character. That's why his greatest apostle, Paul, didn't say money was evil in the famous reference in 1 Timothy 6:10. Here's what Paul actually said: ‘For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.’”
It is not wanting and seeking wealth per se that is the deadly sin of greed or avarice, but loving wealth. To understand this distinction, let us consider this passage from the book Human Action by Ludwig von Mises (emphasis added):
“The result sought by an action is called its end, goal, or aim. One uses these terms in ordinary speech also to signify intermediate ends, goals, or aims; these are points which acting man wants to attain only because he believes that he will reach his ultimate end, goal, or aim in passing beyond them. (…)
A means is what serves to the attainment of any end, goal, or aim.”
To love wealth is to want it as an “ultimate end,” rather than as an “intermediate end” or a “means” to an ultimate end.
As Leonard E. Read wrote:
“Wealth… is not an end in itself, but is rather a means to higher purposes, and should be so regarded. When wealth is taken as the end or object of life instead of as a means to the fulfillment of life, wealth becomes a devastating master and not a helpful servant.”
When wealth is loved as an ultimate end, it becomes the wealth-lover’s master and idol. Greed is the idolization of wealth. That is the deadly sin that leads people astray, away from God. As Jesus said in Matthew 6:24 KJV:
"No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon."
(”Mammon” means material wealth.)
Jesus spoke of man’s proper ultimate end when he said “seek ye first the kingdom of God, and his righteousness” (Matthew 6:33 KJV). This is in keeping with what he called the “great commandment” (Matthew 22:37-38 KJV):
“Thou shalt love the Lord thy God with all thy heart, and with all thy soul, and with all thy mind. This is the first and great commandment. And the second is like unto it, Thou shalt love thy neighbour as thyself.”
Wealth-seeking is sinful when wealth is sought for its own sake or for the sake of some other improper ultimate end like vanity or pride. But when wealth is sought instrumentally in service of, and out of love for, God and humanity, then wealth-seeking is virtuous, even holy.