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 practically looks, but I just want to understand what the passage is teaching)
On 1Cor 13:8-13 contrary to some cessationist Dr. Waldron does not believe that the verse is speaking about the closing of the canon, rather it refers to the state after the coming of Christ when we will have "face to face" knowledge of God. But he says that the passage does not specify the time of the cessation of prophecy and tongues. So this question is undecided by this verse. On page 64 he says "The conclusion must be that Paul is teaching the doing away of partial knowledge in favor of perfect knowledge in verse ten. He says nothing about when the gifts of prophecy and tongues pass away. He only refers to the passing of the present partial knowledge that was conveyed through those gifts. He leaves open the question of the time of the passing of the gifts of prophecy and tongues."
He tries to interact with Grudem on Agabus, but I don't believe that he sufficiently refuted Grudem. Basically, Grudem with the words of Richard Gaffin was accused of requiring "pedantic precision" on Agabus (p. 67). I've read Gaffin's and Waldron's case against Grudem on Agabus, but I don't believe that they've refuted what Grudem has argued for.
Since according to Dr. Waldron's survey of the OT prophecy is simply the forthtelling of what God has put into the prophet's mouth and this principle he says also in the par excellence the Lord Jesus, therefore, prophecy cannot at the present time exist. The canon is closed and even continuationists admit that their prophecies are not infallible.
His discussion on tongues was interesting and short. Like other cessationists, he argued tha...