A stereotypical view of "Mid Acts Right Dividers" is they only read/study Romans through Philemon. A stereotypical view of the "Acts 28 Right Dividers" is they only read/study Paul's Epistles written after Acts 28 (Ephesians, Philippians, Colossians, 1 & 2 Timothy, Titus, and Philemon). Unfortunately these stereotypical views are true of some of the Mid Acts as well as Acts 28 Right Dividers. To answer the question (should grace believers read and study the book of Psalms?), the grace believer should consider what his Apostle Paul says. 2 Tim 3:16 states, "All scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness:" Grace believers should read/study all the books of the Bible including Psalms. It is true that a lot of the doctrine in Psalms does not directly apply to grace believers, so we must rightly divide while reading/studying Psalms as well as any other book of the Bible including Paul's writings.
In conclusion I would argue that the Book of Psalms was for those under the Law, under the kingdom program, as well as under grace.
Under the Law 1 Chron 16:9 states, "Sing unto him, sing psalms unto him, talk ye of all his wondrous works."
The kingdom believer is told in James 5:13, " Is any among you afflicted? let him pray. Is any merry? let him sing psalms.
The grace believer in a "post Acts 28 Epistle" is told to, "Let the word of Christ dwell in you richly in all wisdom; teaching and
admonishing one another in psalms and hymns and spiritual songs, singing with grace in your hearts to the Lord" (Col 3:16).
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