Commentaries:
Robertson's Word Pictures (NT)
An offering and a sacrifice to God (prosforan kai qusian tw qew). Accusative in apposition with eauton (himself). Christ's death was an offering to God "in our behalf" (uper hmwn) not an offering to the devil (Anselm), a ransom (lutron) as Christ himself said (Matthew 20:28), Christ's own view of his atoning death.
For an odour of a sweet smell (eiv osmhn euwdiav). Same words in Philippians 4:18 from Leviticus 4:31 (of the expiatory offering). Paul often presents Christ's death as a propitiation (Romans 3:25) as in I John 2:2.
Other Robertson's Word Pictures (NT) entries containing Ephesians 5:2:
2 Corinthians 2:15
Philippians 4:18
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