In "The Rocking-Horse Winner," greed is a central theme that drives the narrative and leads to tragic outcomes. The story illustrates how the relentless pursuit of wealth and material possessions can consume individuals and destroy familial bonds. The characters' obsession with money creates a cycle of dissatisfaction and longing, ultimately resulting in the demise of young Paul, who sacrifices himself in a futile attempt to satisfy his mother's insatiable greed.

The story portrays Paul's mother, Hester, as a symbol of greed. Her constant desire for more money is never fulfilled, despite the substantial winnings Paul secures through his supernatural ability to predict horse race winners. Hester's greed is so overpowering that it overshadows her love for her children, as she equates luck with financial success. This is evident when she receives a generous gift of money from Paul but remains unsatisfied, only wanting more. Her greed warps her relationships, making her incapable of genuine affection.

Paul's tragic fate underscores the destructive nature of greed. His desperate attempts to gain his mother's love through financial success lead him to ride his rocking horse to exhaustion. The rocking horse itself symbolizes the futility of his efforts, as it provides the illusion of progress without actually moving forward. This metaphor highlights the emptiness of striving for wealth as a means to happiness, as it ultimately leads to Paul's death, leaving his mother with the wealth she desired but at the cost of her son's life.

The conflict between generosity and greed is also evident in the story. Paul, driven by a generous desire to help his family, contrasts sharply with his mother's selfishness. He willingly gives his winnings to alleviate the family's financial struggles, yet his mother's greed ensures that the money is never enough. This disparity highlights the moral lesson that material wealth cannot replace love and genuine human connection.

Ultimately, "The Rocking-Horse Winner" serves as a cautionary tale about the perils of greed. It warns against the destructive power of materialism and the illusion that money can solve all problems. The story's tragic conclusion emphasizes that the pursuit of wealth, when prioritized above all else, leads to the loss of what truly matters—love, family, and life itself.