The intuitive concept of a changing spectrum is discussed. The instantaneous power spectrum is defined mathematically and used to make the intuitive concepts more precise. It depends upon the past history of a signal, but not upon the future. Integration of the instantaneous power spectrum over time yields the conventional energy spectrum. The instantaneous power spectrum of a random function may be averaged over the ensemble of functions, with a resulting stochastic average instantaneous power spectrum that is equal to the conventional time average power spectrum of a stochastic process.