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1 Timothy 1:4 note 3

43 The Greek word means household law, implying distribution (the base of this word is of the same origin as that for pasture in John 10:9, implying a distribution of the pasture to the flock). It denotes a household management, a household administration, a household government, and, derivatively, a dispensation, a plan, or an economy for administration (distribution); hence, it is also a household economy. God's economy in faith is His household economy, His household administration (cf. note 101 in Eph. 1; Eph. 3:9), which is to dispense Himself in Christ into His chosen people that He may have a house to express Himself, which house is the church (3:15), the Body of Christ. The apostle's ministry was centered on this economy of God (Col. 1:25; 1 Cor. 9:17), whereas the different teachings of the dissenting ones were used by God's enemy to distract His people from this economy. In the administration and shepherding of a local church, this divine economy must be made fully clear to the saints.

In the first chapter of this book the apostle Paul presented God's economy in opposition to different teachings. God's economy is in faith (v. 4), whereas the different teachings are based on the principle of the law and centered on the law (vv. 7-10). Hence, faith is versus the law, as dealt with in Gal. 3 (vv. 2, 5, 23-25). Any teaching that is based on the principle of the law and centered on the law is unhealthy (v. 10). Only God's economy, which is in faith, in opposition to the teachings that are based on the principle of the law and centered on the law, is healthy and can make it possible for people to believe on Christ unto eternal life (v. 16) and to thus participate in God's eternal plan, God's economy, which is in faith. This is the gospel of glory with which the blessed God entrusted the apostle Paul (v. 11). If anyone thrusts away such faith and a good conscience, regarding the faith he becomes shipwrecked on a deep sea (v. 19).

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