The transformation of a non‐market to a market economy ought to change fundamentally the significance of money incomes for welfare. Whereas in a stressful non‐market economy such as the former Soviet Union, non‐monetized resources could substitute for money income and promote welfare, in a modern market economy money income should be a good proxy for household welfare. This article tests the extent to which Russians are now in a modern market economy by analyzing data from nationwide Russian surveys in January, 1992, and April, 1994. Modern influences are increasingly important as a determinant of the distribution of money incomes, but not as an influence upon household welfare. The “randomness” of temporary disruptions of welfare is in accord with Rawlsian principles