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A view well illustrated in the Narnian Tales of CS Lewis, as well.A Ransom Payment
In Mark 10:45 Jesus said, “the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many” (cp. Matt. 20:28, NIV). This is a powerful statement. Jesus redeemed his followers from sin. The price of this redemption, however, was his own life (1 Tim. 2:6; 1 Pet. 1:18,19), the supreme expression of his love for us (cf. John 15:13).
That Jesus described his death as a ransom payment is clear. But to whom was the ransom paid? Jesus never said. In fact, to pose the question is to stretch the metaphor out of shape. Yet the question was posed nonetheless.
The first suggestion was articulated by the second-century Irenaeus of Lyons. He argued that Jesus was paid as a ransom to the devil. Specifically, so the theory goes, Christ was paid as a ransom to the devil to free people’s souls. This was a clever ruse on God’s part, however, for unknown to the devil, Jesus was actually God Himself. Unable to constrain Jesus’ divine soul, the devil was defeated and Christ emerged victorious. This view, known as the “Ransom” or “Classic” theory, was taught consistently by nearly all of the Church Fathers, including Augustine