We develop a ``unified'' model that describes both ``micro'' and ``macro'' evolutions within a single theoretical framework. The eco-system is described as a dynamic network; the population dynamics at each node of this network describes the ``micro''-evolution over ecological time scales (i.e., birth, ageing and natural death of individual organisms) while the appearance of new nodes, the slow changes of the links and the disappearance of existing nodes accounts for the ``macro'' evolution over geological time scales (i.e., the origination, evolution and extinction of species). In contrast to several earlier claims in the literature, we observe strong deviations from power law in the regime of long life times where the statistics is, usually, poor.