What then shall we say that Abraham, our ancestor¹ according to the flesh, has discovered regarding this matter? Paul continued.  For if Abraham was declared righteous (ἐδικαιώθη,  a form of δικαιόω) by the works (ἔργων, a form of ἔργον) of the law,² he has something to boast about – but not before God.³ For what does the scripture say? “Abraham believed (ἐπίστευσεν, a form of πιστεύω) God, and it was credited (ἐλογίσθη, a form of λογίζομαι) to him as righteousness (δικαιοσύνην, a form of δικαιοσύνη).”⁴  But James asked, Was not Abraham our father justified (ἐδικαιώθη, a form of δικαιόω) by works (ἔργων, a form of ἔργον) when he offered Isaac his son on the altar?⁵

Jesus said, the gate is narrow and the way is difficult that leads to life.⁶  The gateway between Paul and James here is certainly narrow, and I for one have had a difficult time finding my way.  But there is a pathway between them.  It is found in the letter to the Hebrews, By faith (Πίστει, a form of πίστις) Abraham, when he was tested (πειραζόμενος, a form of πειράζω), offered up Isaac.⁷  The writer of Hebrews explained, He had received the promises, yet he was ready to offer up his only son.  God had told him, “Through Isaac descendants will carry on your name,” and he reasoned (λογισάμενος, another form of λογίζομαι) that God could even raise him from the dead.⁸  Abraham’s faith changed his thoughts and made him willing to sacrifice his son.  An angel stopped him before he completed the deed, by the way.

So I have something like this:

So I think the answer to James’ question is that Abraham was justified by a faith that produced the willingness to offer up Isaac on the altar.  And this accords better with his point as he continued: You see that his faith (πίστις) was working together (συνήργει, a form of συνεργέω) with his works (ἔργοις, another form of ἔργον) and his faith (πίστις) was perfected (ἐτελειώθη, a form of τελειόω) by works (ἔργων, a form of ἔργον).  And the scripture was fulfilled (ἐπληρώθη, a form of πληρόω) that says, “Now Abraham believed (ἐπίστευσεν, a form of πιστεύω) God and it was counted (ἐλογίσθη, a form of λογίζομαι) to him for righteousness (δικαιοσύνην, a form of δικαιοσύνη),” and he was called God’s friend.  You see that a person is justified (δικαιοῦται, another form of δικαιόω) by works (ἔργων, a form of ἔργον) and not by faith (πίστεως, another form of πίστις) alone (μόνον, a form of μόνος) [Table].⁹  And by faith alone (εκ πιστεως μονον) James meant a faith that does not produce works, or acts of obedience.  It is by James’ own definition a dead faith, faith (πίστις) without works¹⁰ (ἔργων, a form of ἔργον) is dead (νεκρά, a form of νεκρός).¹¹

James concern was for the poor.  If¹² a brother or sister is poorly clothed and lacks daily food, and one of you says to them, “Go in peace, keep warm and eat well,” but you do not give them what the body needs, what good is it?¹³ The Jerusalem church had a communal economy.¹⁴  The temptation to favor the rich was almost overwhelming.¹⁵  The poor brought more mouths to feed; the rich brought the wherewithal to feed them, potentially.  It is not too hard to imagine that the work of faith James most longed for was that those with private wealth would turn it over to church control.  It is unfortunate, or perhaps divinely appointed, that James chose Abraham as his illustration, since God restrained Abraham from bringing his faith to completion, or perfection, in this particular case.¹⁶

God was satisfied with the demonstration of Abraham’s willingness to obey Him.  And I think that was Paul’s point, that Abraham believed God, and it was credited to him as righteousness.¹⁷  What Abraham did, the acts he performed, are written for any to read.¹⁸  Some would not measure up to righteousness by the works of the law as any Pharisee of Paul’s day would understand it.  But credited righteousness is real righteousness, the righteousness of God, freely given and meant to be spent freely on the good works (ἔργοις, another form of ἔργον) that God prepared beforehand (προητοίμασεν, a form of προετοιμάζω) so we may do (περιπατήσωμεν, a form of περιπατέω) them,¹⁹ or walk in them, or live them.

And James wasn’t wrong.  Giving money was the first symptom I recognized in me of faith and righteousness.  Money can be counted.  I could see that as I gave more money I never lacked for what I needed or for more to give.  That kept me going when other things looked bleak, until I could see my way clear to trust God with more weighty things, like righteousness.

Paul continued, Now to the one who works (ἐργαζομένῳ, a form of ἐργάζομαι), his pay is not credited (λογίζεται, another form of λογίζομαι) due to grace (χάριν, a form of χάρις) but due to obligation²⁰ (ὀφείλημα).  But to the one who does not work (ἐργαζομένῳ, a form of ἐργάζομαι), but believes (πιστεύοντι, another form of πιστεύω) in the one who declares the ungodly (ἀσεβῆ, a form of ἀσεβής) righteous (δικαιοῦντα, another form of δικαιόω), his faith (πίστις) is credited (λογίζεται, another form of λογίζομαι) as righteousness (δικαιοσύνην, a form of δικαιοσύνη).²¹

In the past the wrath of God [was] revealed from heaven against all ungodliness (ἀσέβειαν, a form of ἀσέβεια) and unrighteousness (ἀδικίαν, a form of ἀδικία) of people who suppress the truth by their unrighteousness (ἀδικίᾳ, another form of ἀδικία).²²  In the Gospel through the faithfulness of Jesus Christ for all who believe²³ God declares the ungodly (ἀσεβῆ, a form of ἀσεβής) righteous (δικαιοῦντα, another form of δικαιόω).  And I believe that is what Paul thought happened to Abraham as well, that Abraham was declared righteous by God, received the righteousness of God, and was rendered willing to obey God.  Otherwise, if Abraham obeyed God by his own work, by his own effort, he was fully entitled according to Paul to boast before God.

So even David himself speaks regarding the blessedness of the man to whom God credits (λογίζεται, another form of λογίζομαι) righteousness (δικαιοσύνην, a form of δικαιοσύνη) apart from works (ἔργων, a form of ἔργον) [Table], Paul continued:  “Blessed are those whose lawless deeds (ἀνομίαι, a form of ἀνομία) are forgiven (ἀφέθησαν, a form of ἀφίημι), and whose sins (ἁμαρτίαι, a form of ἁμαρτία) are covered; blessed is the one against whom the Lord will never count (λογίσηται, another form of λογίζομαι) sin (ἁμαρτίαν, another form of ἁμαρτία) [Table].”²⁴  When the truth of this finally sunk in I was simultaneously elated and crushed.

Later in Romans Paul wrote, each of us will give an account (λόγον, a form of λόγος) of himself to God.²⁵  If I believed nothing else in the Bible I believed this verse.  And I took it for granted that I would give an account for my sins, why I committed them and what I had done to make amends for them, and what I had done to stop committing them.  It wasn’t until I compared the Greek words λόγον (an account, as in give an account) and what is called its “middle voice” λογίσηται (count, as in the Lord will never count sin) that it dawned on me what Paul was saying:  My sins were off the table, not open to discussion.  Great!  Now what do I do with myself?

It didn’t take too long after that to realize that my life was actually about knowing God from my perspective, and the absent-minded, insignificant kindnesses that overflowed from the righteousness of God that had been credited to me from God’s perspective, just like Jesus said (Matthew 25:31-46 NET).

When the Son of Man comes in his glory and all the angels²⁶ with him, then he will sit on his glorious throne.  All the nations will be assembled²⁷ before him, and he will separate²⁸ people one from another like a shepherd separates the sheep from the goats.  He will put the sheep on his right and the goats on his left.  Then the king will say to those on his right, “Come, you who are blessed by my Father, inherit the kingdom prepared for you from the foundation of the world.  For I was hungry and you gave me food, I was thirsty and you gave me something to drink, I was a stranger and you invited me in, I was naked and you gave me clothing, I was sick and you took care of me, I was in prison and you visited me [Table].”  Then the righteous will answer him, “Lord, when did we see you hungry and feed you, or thirsty and give you something to drink?  When did we see you a stranger and invite you in, or naked and clothe you?  When did we see you sick or in prison and visit you [Table]?”  And the king will answer them, “I tell you the truth, just as you did it for one of the least of these brothers or sisters of mine, you did it for me.”

Then he will say to those on his left, “Depart from me, you accursed, into the eternal fire that has been prepared for the devil and his angels!  For I was hungry and you gave me nothing to eat, I was thirsty and you gave me nothing to drink.  I was a stranger and you did not receive me as a guest, naked and you did not clothe me, sick and in prison and you did not visit me.”  Then they too will answer,²⁹ “Lord, when did we see you hungry or thirsty or a stranger or naked or sick or in prison, and did not give you whatever you needed?”  Then he will answer them, “I tell you the truth, just as you did not do it for one of the least of these, you did not do it for me.”  And these will depart into eternal punishment, but the righteous into eternal life.

Addendum: June 7, 2021
According to a note (5) in the NET Romans 4:3b is a quotation from Genesis 15:6.  A table comparing the Greek of Paul’s quote with the Septuagint follows.

According to a note (22) in the NET Hebrews 11:18b is a quotation from Genesis 21:12.  A table comparing the Greek of Paul’s quote with the Septuagint follows.

According to a note (36) in the NET James 2:23b is a quotation from Genesis 15:6.  A table comparing the Greek of Paul’s quote with the Septuagint follows.

Tables comparing Romans 4:1, 2; James 2:26; 2:15; Romans 4:4; 14:12; Matthew 25:31, 32 and 25:44 in the NET and KJV follow.