A theory is presented, which is based mainly on dimensional analysis (but also on gravity wave theory), that attempts to explain all the types of gravity wave power spectral densities (PSDs) now being measured. This theory is based on two concepts, namely, wave saturation and wave cascade. The immediate result of the simultaneous presence of these two processes is that there should exist a unique relation between the vertical (or horizontal) wavelength of a gravity wave and its period (provided the Brunt Period and dissipation rate are given and Doppler effects are omitted). This relation provides a way to derive all of the intrinsic spectra from the fundamental one which is the vertical wavenumber PSD of the horizontal winds. The most important suggestion to emerge from this theory is that &egr;, the dissipation rate, is the main controlling independent variable for the amplitude of all but 3 of the 12 spectra predicted. It would also control the wavelength-period relations. Comparisons are made between observations and theory, and important experimental tests are proposed. This model presently appears to be useful in the analysis of gravity wave data obtained by means of lidars, radars, interferometers, and imagers. In addition, it raises a number of new scientific issues for future research.