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Preheat oven to 325° F.
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Season the beef chunks on all sides with salt and pepper. Sprinkle the flour over and toss the seasoned beef to coat it on all sides
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Heat the olive oil in a large Dutch oven over medium heat. Brown the beef in batches, on all sides, for 3-4 minutes per batch. Don’t worry about cooking the beef all the way through at this stage. Transfer the browned beef to a plate and set aside.
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Add the onions, garlic, and carrots to the Dutch oven, and cook, stirring occasionally, for 2-3 minutes, or until slightly browned.
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Add the potatoes, beef broth, tomato paste, bay leaf, thyme, and Worcestershire sauce, and use a wooden spoon to scrape the browned bits from the bottom of the pot.
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Bring the mixture to a simmer, stirring, and return the beef to the pot. Cover the Dutch oven, and transfer to the preheated oven
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Cook the stew for 2-2.5 hours, or until the beef is very tender. Remove the bay leaf. Taste the stew and season with additional salt and pepper, if necessary. Serve warm.
