Academy of Entrepreneurship Journal Volume 25, Issue 4, 2019 1 1528-2686-25-4-301 SCHUMPETERIAN ENTREPRENEURSHIP THEORY: EVOLUTION AND RELEVANCE Tariq Mehmood, Skyline University College Haitham M. Alzoubi, Skyline University College Muhammad Alshurideh, University of Sharjah & The University of Jordan Anwar Al-Gasaymeh, Applied Science Private University Gouher Ahmed, Skyline University College ABSTRACT This article sheds light on the Schumpeterian entrepreneurship in the historical and contemporary context, J.A. Schumpeter (1883-1950) propounded a theory of entrepreneurship which was at quite variance with the then commonly accepted Marshallian entrepreneurship theory of entrepreneurship as establishment and successful or profitable organization of business organizations. As against this, Schumpeter’s entrepreneurship theory associates entrepreneurship not only with organizations of businesses, but also with Innovations or continuous business development. Schumpeter costs and entrepreneurship as the central factor of economic development. The result is not a doom of capitalism foreseen by least Marx, but a progressive free-enterprise system. Thus, it is the human factor which emerges as the dominant factor in business and economic development. The theory is of contemporary relevance, as evident from the current entrepreneurship and micro enterprises to combat multiple socio- economic problems. Keywords: Joseph A. Schumpeter, Entrepreneur, Entrepreneurship, Innovation, Theory of Economic Development, Economic Development, United Arab Emirates. INTRODUCTION Entrepreneurship is very much in the air today, with the present times seeming to be an age of entrepreneurship (Becker et al., 2012) with somehow the idea of entrepreneurship appearing to fire the imagination of everyone, especially the youth with a good education. The origin of entrepreneurship is traced to very ancient times of the Egyptian pyramids (Hisrich et al., 2016). Entrepreneurship stands for ‘achievement’ achieving something new and tangible. It is production of wealth-goods and services and promotion of social welfare. Nowadays, it implies more, such as the environmental protection and ethical and value based businesses. It is being at the edge of something new and novel, and advancing the modern civilization to new heights, from necessaries to comforts to luxuries to super-luxuries and beyond as establishing space colonies (Ahmed, 2016a). In a survey held regarding the entrepreneurial aspirations of the youth in the United Arab Emirates (UAE), entrepreneurship was found to have the allurement of independence, empowerment and power, social usefulness and employment and wealth creation for the self and the society (Ahmed, 2015; Amponsah & Ahmed, 2017a). One can also run one’s enterprise on model lines, making entrepreneurship a many-in- one thing. There seems to be an ongoing Entrepreneurial Revolution through start-ups, mini and