Douglas Moo has really helpful insights on James 2:14-26 in commentary on James (Pillar). Here’s a few quotes from him:
“James is not arguing that works must be added to faith. His point, rather, is that genuine biblical faith will inevitably be characterized by works… James, in a sense, proposes for us in these verses a “test” by which we determine the genuineness of faith: deeds of obedience to the will of God” (120)
“The readers of the letter, scattered by persecution into areas near Antioch, have become acquainted with a perverted form of the Pauline viewpoint, with the slogan “faith alone justifies” as its hallmark. James writes, then, to counter this false view of the relationship between faith, works, and salvation. James and Paul, when properly interpreted in their own contexts, are not opposed to one another on this point. They give the appearance of a conflict because they are writing from very different vantage points in order to combat very different problems.” (121)
v17 “James is not really contrasting faith and works, as if these were two alternative options in one’s approach to God. He is, rather, contrasting a faith that, because it is inherently defective, produces no works and a faith that, because it is genuine, does result in action” (126)
v24 “As we suggested in our interpretation of v 21, resolution of the tension can come only when we recognize that James and Paul use “justify” to refer to different things. Paul refers to the initial declaration of a sinner’s innocence before God; James to the ultimate verdict of innocence pronounced over a person at the last judgment. If a sinner can get into relationship with God only by faith (Paul), the ultimate validation of that relationship takes into account the works that true faith must inevitably produce (James). As Calvin puts I, “…as Paul contends that we are justified apart from the help of works, so James does not allow those who lack good works to be reckoned righteous.” (141-2)