George's tragedy as an allegory
George's life can be seen as an instructive tragic arc warning the reader against George's hubris. That hubris could be defined in this way: George is arrogant at heart, because he has allowed himself to believe the false idea that he knows everything, just because of his mastery of math and science. The reality is that science doesn't even begin to answer the most important parts of life: What is a good person? What is a good marriage? What is the correct role of an individual in the context of their family? These questions are not scientific in nature, so the novelist encoded them in "magic." Therefore, George's final tragedy comes when his arrogance prevents him from doing the magic that would have saved his wife.
The balance of family and individual
George is an orphan. Cocoa misses a job opportunity by feeling compelled to go home at an inconvenient time. Therefore, as a couple, they might represent the tenuous balance of family life and individual (or marital) life. George's ultimate failure is that he never quite realizes how important his wife's connection to family really is; it's life or death, quite literally.
The balance of order and chaos
The balance of order and chaos is depicted in the novel through the dual world the characters inhabit. Half the time, the novel is ordinary and straight forward, and the couple work on making a life for themselves in the known realm of New York. Willow Springs, therefore, represents chaos and the unknown, so to George, it represents an adventure into the darkness.
The balance of good and evil
Mama Day seems to represent the "good" magic of the universe, including such events as falling in love (which she accomplishes with a spell) and the powers of healing witchcraft. Ruby, the jealous witch, represents evil, and the malicious intents of those who have decided to punish others for their own sense of victimhood.
The failed hero's tale
Another way of viewing the plot is that George is like a medieval knight who is charged with the salvation of a maiden. When George fails to save his wife from her imminent death, it constitutes a romantic allegory: in order to be a good husband, one should have the humility to consider things from completely new points of view.