Going to throw some irony in here, I don't disputing any previous remarks, but I have Hobart Handler 140, manual states 20 amp circuit ..... Ironically welder on 4 (highest out put setting) it trips 20 amp breaker..... Thought maybe faulty breaker so I swapped with another 20 amp breaker.... Same problem..... So after some investigation I looked at KVA specs in manual and it calculated out to actually be a 24.5 amp draw , not the 20 amp manual states at mid range settings..... SO... Here come's the issue some will have heart burn over..... Trucked off to local hardware store, got new 30 amp breaker and about 6 feet of 10/2 W ground, and best quality (single) 20 amp receptacle I could get..... Wires up new 30 amp breaker with 10/2 wire to 20 amp receptacle, labeled circuit dedicated to welder only.... Now the results, run bead for what ever time required for project, check the receptacle/plug combination for heat factor, and nothing to be concerned about and I also use a 12 gauge 25 foot extension cord with MIG machine again no heat issues, and the 14 gauge line cord supplied with welder does not show any signs of over heating.....
Up on investigation house was built in 1991 in back woods county of Cali where there was not much code inspection at the time and whole house is wired with 14/2 & ground (except for 240 AC circuits) ..... Yes 15 amp breakers on lighting circuits and 20 amp breakers on receptacles circuits..... House is wired pretty much to code keeping receptacle circuits and lighting circuits separate, GFIC circuit in kitchen and bathroom correct, but ignored the outlet about 2 feet away from sink in garage for washer and dried (also dedicated receptacle on 20 amp 14 gauge circuit)....
So bottom line it probably not so much on theoretical, but quality materials, installed with understand of about current carrying capacities of conductors and what NEC and common sense dictates....
My Background, 38 years in AC and DC power system in telecommunications..... And it was always a standard, "when in doubt about conductor size always go at least one size larger"....
Dale