I still don't like the word because of its baggage. I would tend to re-translate it to something (like "build" or "builds"). But when aron posted this verse, I noticed something different.
Quote:
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"Knowledge puffs up; love edifies." 1 Cor 8
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Here, knowledge is the contrast for building. And it seems that there is also a directional difference.
Knowledge affects yourself while love affects others. It builds up. Not only yourself but those who are loved.
Knowledge is inward (and negatively) while love is outward and positive.