The latest results on the structure of the proton and the photon as seen at
HERA are reviewed while discussing the question posed in the title of the talk.Comment: 18 pages, including 28 figures. To be published in the proceedings of
the 2nd KEK-Tanashi International Symposium on Hadron and Nuclear Physics
with Electromagnetic Probes, KEK-Tanashi, Tokyo, Japan, October 25-27, 1999.
Typos in eqs (8) and (9) corrected and reference 5 update