Physical Anomalous Dimensions at Small $x$

I present a theoretical discussion of the uncertainties related to the QCD analysis of the proton structure function $F_2(x,Q^2)$ at small $x$. The role played by the `unphysical' gluon density is pointed out. It is shown how the study of more observables can reduce the theoretical uncertainty and, in particular, an alternative method of analysis, based on the introduction of physical anomalous dimensions, is suggested.