It is commonly understood that the interactions between an organism and its environment constitute a feedback system. This implies that instrumental behavior should be viewed as a continuous exchange between the organism and the environment. It follows that orderly relations between behavior and environment should emerge at the level of aggregate flow in time, rather than momentary events. These notions require a simple, but fundamental, change in the law of effect: from a law based on contiguity of events to a law based on correlation between events. Much recent research and argument favors such a change. If the correlation-based law of effect is accepted, it favors measures and units of analysis that transcend momentary events, extending through time. One can measure all consequences on a common scale, called value. One can define a unit of analysis called the behavioral situation, which circumscribes a set of values. These concepts allow redefinition of reinforcement and punishment, and clarification of their relation to discriminative stimuli.