Interesting --- it's the main concept of Buddhism (well, except for the God part - Buddha didn't talk about God because he rightly claimed ignorance on the subject. But that's how a theistic Buddhist feels.)
Actually it leads to Augustine's theory that there is no such thing as evil as such. Insofar as something still exists, it is good, but is diminished or perverted by being turned from its proper purpose. Thus evil is the perversion or diminishment of something originally good.
Much evil results simply from disordered love--loving something either too much or too little. The correct priorities need to be observed: people more than things, God more than people, and so forth.