Dr. Waldron is a respectful and good Christian scholar, but this work was not written for the big scholars, but was written for the lay Christian who is interested in topic of the gifts of the Holy Spirit.
I liked the book and I thought that it was a pretty good case for Cessationism. He tried to interact for example with Grudem on some points.
The argument is basically:
1. There are no apostles
2. Therefore there are no prophets
3. Therefore there are no tongue-speaks
4. Therefore there are no miracle-workers
First of all, by the use of Ephesians 4:9-11 he spends a paragraph or two to say that the apostolate was a gift. The word for gift in verse 9 is not the usual χάρισμα (charisma). He does not interact with those who do not accept that the apostolate was a (spiritual) gift, but rather a ministry or an office. This in my opinion is the biggest flaw in his argument.
The Cascade Argument is built around and based upon the point that the greatest "gift" – the apostolate has ceased in the first century. He in fact makes a good case on the cessation of the apostolate, but does not make a convincing case that it was a spiritual gift like those mentioned in 1Cor 12:7-10 for example. Therefore, his Cascading Argument becomes weak. This is a point that Matt Slick also brought in the back-and-forth in their debate.
The argument basically starts with, if the greatest gift has ceased, it is therefore possible that the other "miraculous" gifts have also ceased. I don't believe that the NT makes such a distinction between the gifts as the “ordinary” and “extraordinary”, or “non-miraculous” and “miraculous.” I have not been able to find this distinction yet in the text of Scripture.
He demonstrates from the OT that a prophet was simply the mouth of God to the people (Ex 4:10-17; 7:1-2). Also, what the prophets said had to be 100% accurate according to the regulations of Deuteronomy 13:1-5 and 18:15-22. Therefore he proceeds to the New Testament with the same definition of prophecy and this is understandable.
He first considers few passages used in support of continuationism including Ephesians 4:11-13; 1 Cor 13:8-13 and the case of Agabus (Acts 21:10-11).
On Ephesians 4 he says that if we maintain that everything in verse 11 is needed for our maturity and unity in the faith then we are proving too much. If we follow that, then we must also say that the apostolate must continue, but we have proven that it in fact did not continue. Therefore, he says that the apostles must refer to the writings and teaching of the apostles that we have in the New Testament and prophets or prophecy refers to the book of Revelation. He does not dispute if we have prophecy (i.e. the book of Revelation), rather if we have ongoing or new prophecy.
I don't think that the putting of Revelation under the category of "prophets" is right. John was not writing as a prophet, but was writing with the authority of an Apostle, that is the case for every NT book. It was either written by an apostle or an associate. I know of no NT book whose author was an prophet.
Therefore, I do indeed agree that we have the Apostles in their writings, but I know of nothing that we have from prophets, therefore, it would seem that they would be necessary for the building up and achieving the unity of faith. (I don't know how this ...