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Her book, although taking some quotes from Nag Hammadi, largely focuses on the points of comparisson between the early Christian Gnostics and the Orthodox Gnostics in the early days of the Roman Empire. Using what was learned from the Nag Hammadi Codicies, she is able to more cohesively argue both sides of the formally one sided argument against the Gnostics. Using numerous quotions from an old book called "Ibid" by Ireneaus, where the Gnostic movement was strongly bashed as heresey. Although, many of these arguments are refuted, and it clearly makes a mainstream Christian reader at the very least question his or her faith, it doesn't delve enough into the actual philosophy about Gnosis that was given in the Nag Hammadi Codicies until the very end. This perhaps was the major flaw of the book, although it showed the Social aspects of Gnosis, she didn't delve deeply into the really esoteric philosophies. Perhaps, this is because she is coming from an objective standpoint of that of a researcher.
Overall, this book is extremely strong in explaining the Gnostics, and is even at least the first primer a person should read before diving into the Nag Hammadi Library.
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It was interesting. I would say, though, that if you read Adam, Eve, and the Serpent and The Origin of Satan, Ms Pagels abilities become much more alive as she becomes much more focused in using the gnostic texts to analyze a specific issue in the history of christianity.
I would not recomend reading this book after reading those two, but if you want a good summary of some of the ideas of the gnostics it is a good book.
It is important to note that though Ms. Pagels is a practicing christian, this view does not enter a word of this text, or any other text she has written. She tries to take an objective perspective but it comes out to me overly secularized in trying to find fault with any and all orthodox beliefs, no matter the base.