Dice the beef into bite-sized pieces and pat dry with a paper towel. This helps achieve a good sear.
Heat the vegetable oil in a large pot over medium heat. Sear the beef in batches until browned on all sides. Remove and set aside.
In the same pot, add the diced onions and cook until soft and golden, about 5-7 minutes.
Add minced garlic and paprika powder, stirring continuously for 1-2 minutes to release their aroma.
Stir in the tomato paste, cooking for another minute before deglazing the pot with a ladle of beef stock.
Return the seared beef to the pot, along with the carrots, potatoes, bay leaves, salt, and pepper.
Pour in the remaining beef stock, ensuring all ingredients are submerged. Bring to a boil, then reduce heat and simmer for 2 hours.
Stir occasionally and check the liquid level, adding more stock if necessary. The goulash is ready when the beef is tender and the sauce has thickened.
Serve hot, garnished with fresh parsley and accompanied by crusty bread or noodles.
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