The low cost speed governor is used to provide stable device speed over a wide range of selected reference speeds and loads. The speed governor includes a means for changing the pulse width of a pulsed reference signal as a function of the selected reference speed and the load applied to the device. Operational stability is achieved at low reference speeds by automatically increasing the speed droop as the selected reference speed is lowered and as the applied load is increased. Overall governor cost is reduced by an arrangement that uses the same potentiometer to both vary the selected reference speed and to automatically change the speed droop.