This is at best only partially-true, and at worst not-at-all-true (as presented here).
Caliber itself has nothing to do with penetration. Sectional Density, impact velocity, and bullet construction are the factors that determine the penetration characteristics of a projectile. This is why a .22 or .24 caliber can kill just as well as a .30 or bigger with the right bullets.
What's your deal with showing up in replies and saying I said things I did not, and wanting to nitpick on general statements like we were at a university debate? I didn't realize I needed to give a physics lesson on the exact why's and wherefores of what I said in off-hand comments, but since you have pointed out my deficiency in this regard, let's do this.
I never said caliber was the driver of penetration. I said if you're comparing like for like bullets, a 338 will out-penetrate a 243 every time. I just randomly picked 243 and 338, because they were good examples to compare to make the point. That said - the deeper penetration from a 338 is not because it's larger in diameter, it's because of the physics involved. Since you like sectional density, let's talk about that. The lightest 338 Accubond and lightest 338 ELD-X both have a higher sectional density than the heaviest 243 Accubond or 243 ELD-X. They also have substantially more mass (and therefore more momentum), which contributes to penetration. But, perhaps, most pertinent of all, when we are discussing "continuously expanding bullets" like an ELD-X (or a TMK or a ELD-M etc), the bullets of this type will keep fragmenting as it passes through tissue until there is no more mass left to fragment, so therefore, a substantially heavier weight bullet of identical or even somewhat less sectional density, will out-penetrate the lighter one 100% of the time, because with the heavier one, there is still enough retained mass to continue penetrating as it fragments when compared to the much lighter bullets in this current topic.
However, all that said, I actually agree with you totally on the key point - a 224 caliber bullet of sufficient mass (a 77 is certainly sufficient), of a fragmenting design, well placed into the chest cavity (or neck/spine/skull), will 100% kill a critter just as dead and just as fast as any larger/heavier projectile will, and on non-CNS shots, will indeed to it faster than a different projectile type such as if we compared a 77 grain TMK to a TTSX of any flavor or size, because the fragmenting projectile causes far more wounding over a wider area than a mono of any type.
Yet, still the related point I made, is also factually correct; you aren't likely to make a successful 'Texas heart shot' on an elk with a 77 TMK (or various other undesirable angles that requires penetration be measured in feet not inches), but you might very well pull it off with say, a 338 Windbag shooting heavy mono or bonded bullets designed to retain enough weight for deep penetration. In other words, the guys who point out that the 77TMK has more limited penetration than bigger/heavier bullets, are also correct.
All of which brings me to my closing statement, again, all cartridges and bullets and bullet designs have strengths and weakness, and all of us who take those into consideration before we shoot yee olde critter with one are Good to Go(tm), and all carrying Enough Gun(tm).