True, except the code has to give allowance for Physics/Theory. One example would be motor loads. Breakers for motor loads need to be sized to allow for the inrush of current. So the NEC allows for breakers to be sized at approximatley 250% of motor running amps. As long as the conductor size has sufficient ampacity to serve the running amps load plus 125%, the breaker can be larger than the running amp by up to 2.5 times. (My paraphrase, Not code verbage cause I'm not taking the time to look it up.)
If you look at Art 630 of the NEC for overcurrent protection of welder conductors, the verbage is basically that conductors supplying welders shall be protected by an overcurrent device rated no more than 200% of the conductor ampacity.
So a 20 amp rated conductor could have a 40 amp breaker protecting it.
There is a formula for calculating this in 630.12.B
For inverter resistance welders. You would use Art 630.31.A, basically states that the conductor ampacity shall not be less than 70% of the rated primary current for seam welders and automatically fed welders that can be adjusted for different values of primary current and duty cycle. And not less than 50% of the rated primary current if there are other circumstances.
There are to many variables to go into here.
At least for the last 25 years of doing electrical drawings the minimum conductor sizes for welders was given in the operators manual for each welder. See attached sheets that have been previously posted showing this. I have never placed an approved stamp on a one line drawing without looking at the engineered data in a welders operators manual. The engineering calculations are placed in the operators manual, so I never bother with figuring it out. It has become thier liabilty.
I did at times have to have pictures of nameplate data sent, so I could size conductors and overcurrent protective devices.
From the welders manuals in this thread. One manual stated the minimum counductor size being a #14, the other manual stated the minimum conductor size as being #12. Both manuals stated that a "hard service cord" of #12 conductors were the minimum for an extension cord for up to 50 feet in length. The manuals also had the sizes for overcurrent protection provided.