We suggest that ensembles of self-replicating entities such as biologi
cal systems naturally evolve to a self-organized critical state in whi
ch fluctuations, as well as waiting times between phase transitions ('
'epochs''),are distributed according to a 1/f(alpha) power law. Such d
istributions can explain observed frequency distributions in extinctio
n events as well as fractal population structures, and support the pun
ctuated equilibrium picture of evolution. We demonstrate these concept
s by analyzing a population of coexisting self-replicating strings (se
gments of computer code) subject to mutation and survival of the fitte
st, which constitutes an artificial living system.