Abstract
An inference is valid if it guarantees the transferability of knowledge from the premisses to the conclusion. If knowledge is here understood as demonstrative knowledge, and demonstration is explained as a chain of valid inferences, we are caught in an explanatory circle. In recent lectures, Per Martin-Löf has sought to avoid the circle by specifying the notion of knowledge appealed to in the explanation of the validity of inference as knowledge of a kind weaker than demonstrative knowledge. The resulting explanation is the main topic of this article.