We describe a concept for an imaging spectrograph for a large orbiting observatory such as NASA's proposed Next Generation Space Telescope (NGST) based on an imaging Fourier transform spectrograph (IFTS). An IFTS has several important advantages that make it an ideal instrument to pursue the scientific objectives of NGST. We review the operation of an IFTS and make a quantitative evaluation of the signal-to-noise performance of such an instrument in ...