Is Greed Good or Bad?

For the most part, greed is considered by most religions and schools of thought to be a bad thing. In fact, greed is one of the seven deadly sins. Some economists and evolutionary theorists, however, suggest that greed is a good thing for stimulating the economy, and greed may give people an evolutionary advantage (more resources = better chances of survival). Recent research has explored the effects of the trait of greediness on economic and psychological outcomes.

Greed is defined as an excessive and insatiable desire. That desire can be for more money, more power, more things, or even more sex/sexual partners. It is tied to materialism, envy, and self-interest.

A recent study (Hoyer, et al., 2022) gave people a measure of trait greediness (example items are below) and self-interest, and asked about a number of outcomes (e.g., income, number of sexual partners, and satisfaction with life). The research suggests that greed and self-interest, although correlated, are different constructs. Here are the results simply looking at greed and outcomes.

Interestingly, males tended to be greedier than females, and older persons were less greedy than younger ones. At the economic level, there was some evidence that greedy individuals had higher incomes than did less greedy individuals. In addition, greedy people had more sexual partners—all of this suggesting that greed does, in fact, lead to people wanting and acquiring more.

In terms of psychological outcomes, although greedy people had more, they expressed less satisfaction with life. Another interesting finding was that greedy individuals tended to have shorter-lasting relationships and fewer children. Maybe the Beatles were right: Money (and greed) can’t buy you love?

What are some indicators that a person is greedy? Here are some items from various measures of trait greed. Stronger agreement with these statements indicates higher levels of greed.

• As soon as I have acquired something, I start to think about the next thing I want.
• My life motto is “More is better.”
• The pursuit of more and better is an important goal in life for me.
• When something is being shared, I try to get as big a share as possible.
• One can never have too much money.
• My actions are strongly focused on material things.
• I can’t imagine having too many things.
• Even when I am fulfilled, I often seek more.

So, is greed good or bad? It depends. While greed might lead to financial security, it doesn’t seem very good for relationships, or for one’s happiness and well-being.