I’m surprised how often this question comes up. But I’m asked this relatively commonly.
First, a very, very brief précis of the main options
- Reconstructed Koine (Buth or Buth-similar options)
- Erasmian (US)
- Restored Attic (Allen-Daitz)
- UK traditional
Erasmian is what has been taught ‘traditionally’, i.e. for a few hundred years, and is dominant in US circles. It is often typically ‘infected’ with American-English vowels, which makes it even further removed from both Erasmian and historical accuracy. Both (1) and (3) are serious attempts to reconstruct and produce the sounds of Greek as pronounced in the 1st CE and 5th BCE, more or less. (4) is a recognition that Greek continued to evolve, and is in wide usage among non Anglophone contexts. It’s also quite appropriate for Byzantine texts. (5) I only mention because it exists as it’s own relatively idiosyncratic, but prevalent for a long time, system.
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