Was Father Abraham an example of being righteous by works or by faith? The rabbis tended to say he was like Noah, chosen because he was righteous in his generation (see Jubilees 23:10 - "perfect in all his deeds with the Lord.")
Rom. 4:1-8 Abraham not justified by works
Paul's first step is to consult the Scripture (4:3), because he believe that in Scripture we have the very Word and truth of God. He quotes Gen. 15:6: "Abraham believed God, and it was reckoned (or credited, or imputed) to him as righteousness." The Greek word logizomai meant to credit to someone's account (in a financial sense) or charge to their person guilt or innocence in a legal sense. There are two ways you can get a "credit" on your account: either as wages (something you are owed, and the payer is obligated, because of your earning it) or by a gift. Thus Paul contrasts work, which deserves its pay, and faith, which carries none of the meanings of deserving on our side, or obligation on the payer's side. Faith is a means or condition of receiving a gift, but never a deserving or meritorious condition. Paul then quotes David's beatitude in Psalm 32:1-2: Blessed is that person whose transgressions are covered, sins forgiven, and against whom the Lord will not reckon sin. That word "reckon" is the connection with the Genesis text; God reckons faith as righteousness, God will not reckon sin against us...it's positive and negative reckoning. Talk about double grace! Not only does God erase all our debts (which were really very serious, soul-endangering) but God turns around and credits my account with the greatest wealth imaginable...a right relationship with Him, the King of the universe!
Rom. 4:9-12 Abraham not justified by circumcision
Paul points out that this reckoning by God took place before the mark of circumcision...fourteen years before, at least. The physical mark came AFTER the reality, and was only a symbol of it. Similar to any sacrament, the symbol does have some importance...but it means nothing without the spiritual reality. God's purpose in doing it this way was to make Abraham the father of all who find this right relationship through faith, whether circumcised or uncircumcised.
To Jews, this would have been shocking! The notion that Abraham's true descendents are not traced racially or physically, but spiritually? The ghost haunting all the book of Romans is Jewish resistance to the gospel of grace and faith offered to Gentiles.
Rom. 4:13-17a Abraham not justified by law
This reflects a similar passage in Galatians 3:17, where Paul points out that the law came on the scene 430 years after God's promise. Law was a stop gap measure, a temporary filler; the promise of God was foundational and permanent! Long after law is gone, promise and grace will still be in effect.
This promise involved inheriting not just the land of Canaan, but the entire planet! Paul wonders why folks are so fond of law, what law ever really did for them? Law brings wrath by exposing our guilt and convicting us. Its function has been purely negative; it has no power to cleanse guilt or help us overcome temptation. You might say it has helped us, but only by showing us our need by demonstrating how far short we fall of God's glory.
Rom. 4:17b-22 Abraham justified by faith!
The God he believed (4:17b) - was a God whose word has the power to call the dead to life...either Abraham himself (as good as dead, Rom. 4:19, Heb. 11:12) or Isaac back from the dead (Heb. 11:19). Was that test in Genesis 22 to see if Abraham believed that God will perform his promise, even if He has to raise the dead to do so? Absolutely! Faith is that kind of trust in the Word of God! Even if all reality seems to point to the impossibility, God will keep His promise, God will perform His Word. He may move heaven and earth to do so, but that is nothing to Him. After all, who is this God? He is the One who called into existence things which don't even exist in the first place!
The Word he believed (4:18) - God's promise was that Abraham would be father of many nations. Abraham had to believe this "against hope," meaning in the face of human expectation of the future, which were dismal.
The Barriers to belief (4:19-20a) - These threaten to weaken faith, to cause him to waver in believing God's promise. The physical evidence seemed against God's Word - His own aged body, and then Sarah's barren womb.
The Faith that believed (4:20b-21) - An unwavering psychological and spiritual certainty that God will keep His promise; "fully convinced." He grew strong in this faith and gave God glory by doing so. The object of our faith is the authoritative, powerful, true Word of God; and this very Word became flesh and dwelt among us, and was named Jesus.
"That is why..." Why? Was Abraham blessed by some virtue in Him? Or rather is this saying that God will not fail to do what He promises, especially for the person who trusts His promise in the face of all kinds of argument and evidence to the contrary? (Read C.S. Lewis's "On Obstinacy in Belief" to find an argument that such tenacious faith is rational and not irrational).
4:23-25 This was written for us, too...
We who believe in the God who raised from the dead Jesus Christ our Lord...
The one put to death for our trespasses and raised for our justification (quoting Isaiah 53).
This whole chapter is, in fact, aimed at what God reckons to US who believe in Jesus.
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