Instead of thinking in terms of dispensations (as in dispensationalism), we should think in terms of the scriptures as a continuum. In other words, for every Old Testament ordinance there is its New Testament counterpart. This way of thinking protects us from treating the scriptures in parts and rightly considers the scriptures as a whole body of knowledge applicable for our lives in totality. So for instance, the ordinance of circumcision has principles that apply. The practice no longer has spiritual significance but its counterpart - baptism sure does. So we see that the law or command is never rescinded but it is drawn out in more complete terms in the New Testament. We must be careful not to say, "Oh, this or that ordinance does not apply to me because we live in the New Testament." No, this is a dangerous thing to say because we miss the principles that the Old is teaching us which are very much applicable. Dispensationalism is a very dangerous way of thinking; for it trains us to think of the principles in scripture as dis-unified, separate and non-related instead of as we should (and as Biblical Theology teaches); as a whole, unified and complete organism.
-Joe
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