Indeed, when properly understood. I.e.,:
5. This covenant [of grace] was differently administered in the time of the law, and in the time of the gospel: under the law, it was administered by promises, prophecies, sacrifices, circumcision, the paschal lamb, and other types and ordinances delivered to the people of the Jews, all foresignifying Christ to come; which were, for that time, sufficient and efficacious, through the operation of the Spirit, to instruct and build up the elect in faith in the promised Messiah, by whom they had full remission of sins, and eternal salvation; and is called the old testament.The designation "dispensation" had to do with how the one covenant of grace was administered before Christ vs. after Christ. Before Christ it was administered via temporary promises, prophecies, sacrifices, circumcision, etc. After Christ, who is the substance of the covenant, the shadows gave way to the reality. We look back on the broken body and shed blood, and remember Christ’s work in the sacraments of baptism and the Lord’s Supper.6. Under the gospel, when Christ, the substance, was exhibited, the ordinances in which this covenant is dispensed are the preaching of the Word, and the administration of the sacraments of baptism and the Lord's Supper: which, though fewer in number, and administered with more simplicity, and less outward glory, yet, in them, it is held forth in more fullness, evidence and spiritual efficacy, to all nations, both Jews and Gentiles; and is called the new testament. There are not therefore two covenants of grace, differing in substance, but one and the same, under various dispensations.
Westminster Confession of Faith, Chapter 7
According the WCF, I can say that I’m a dispensationalist without having to acknowledge all the modern day, futurist nonsense that term has come to mean. Unfortunately, it would cause confusion among the biblically and theologically illiterate. It’s much like using the entirely appropriate designation “catholic”. The knee-jerk reaction from the know-nothings would be immediate.
oikonomia = administration = dispensation Very Biblical words..............
Yes,and they all have the same meaning.
Help me to understand. If I am dealing with you in a certain manner (administration, dispensation, etc.) then I should be consistent and act in accordance with the established set of ground rules. It seems to me that grace and the law are mutually exclusive, that is, I can’t deal with you in grace (undeserved favor) and also be dealing with you in the law in the same set of circumstances.
So, I can’t see how a covenant of grace can be administered in the time of law (by law, I understand to mean “rendering judgment,” which I understand is the purpose of the law).