The null result of the Michelson-Morley experiment is a strong and compelling evidence for emission theory of light. Emission theory, unlike ether theory, can also explain Bradley stellar aberration. There is also the less known Bryan G Wallace analysis of Venus planet radar range data anomaly, which could be explained only by emission theory. The lunar laser ranging experiment is yet another evidence for emission theory. The emission theory was abandoned because : 1) it was not compatible with Maxwell's electrodynamics: it predicted frozen light for a light source moving with velocity of light away from an observer 2) moving source experiments showed that the speed of light is independent of source velocity. Bradley observed no variation of the angle of aberration with different stars, demonstrating that the speed of light is independent of the velocity of the stars. The first of these problems is solved by a new interpretation of Einstein's thought experiment ( 'chasing a beam of light ' ): constant phase velocity and variable group velocity of light. For an observer moving away from a light source at the speed of light, the phases will still move at the speed of light relative to the observer, but the group will be 'frozen'. This interpretation requires that Doppler effect depend only on source observer relative velocity, demanding a new symmetrical law for Doppler effect of light. This is the Exponential Law of Doppler effect of light proposed in this paper, which can easily explain the Ives-Stilwell experiments. The second problem is resolved by a new hypothesis that the effect of absolute motion of a light source is to change the speed of light relative to the source so that the speed of light is independent of source velocity. Ether theory and emission theory are seamlessly united into a new theory. This is also in line with light having both wave and particle properties. The ether doesn't exist, but absolute motion does. The conception of the Michelson-Morley experiment was fundamentally flawed in that they considered light as ordinary material waves . A new interpretation of absolute motion is proposed.