Not if you also need a border, or some padding.
Though it is true that both margin and padding create space, there is a difference between where they create space. And that difference is the border.
A border, as the word already implies, is to create a visible border. Padding creates space between said border and the content within. But padding can also be used to create some room around an element when it has a background, for example.
To better illustrate the differences, I'll create a couple of snippets:
This snippet has no border, margin or padding, so no spacing.
.row {
background: red;
}
.column {
background: green;
}
.blue {
background: blue;
}
<div class="row">
<div class="column">
Some text
</div>
<div class="column blue">
Some other text
</div>
</div>
This snippet has margins, giving it some space around the element, which is evident because of the background colors.
.row {
background: red;
}
.column {
margin: 10px;
background: green;
}
.blue {
background: blue;
}
<div class="row">
<div class="column">
Some text
</div>
<div class="column blue">
Some other text
</div>
</div>
This example has both a margin and a border, giving you a wider range of coloring options, as well as more space. Yet, you would be unable to give the different spaces a different color with just a margin.
.row {
background: red;
}
.column {
margin: 10px;
border: 5px solid purple;
background: green;
}
.blue {
background: blue;
}
<div class="row">
<div class="column">
Some text
</div>
<div class="column blue">
Some other text
</div>
</div>
This last example has it all. As you can see, the padding creates space within the box, inside of the border. Added to that, you can also see more of the background color of the element.
.row {
background: red;
}
.column {
margin: 10px;
border: 5px solid purple;
padding: 20px;
background: green;
}
.blue {
background: blue;
}
<div class="row">
<div class="column">
Some text
</div>
<div class="column blue">
Some other text
</div>
</div>
Though you could create just as much space between the elements with margin: 35px;
you could not get this (* cough *) beautifully colorful display.