Here is a classic, traditional recipe for Old Fashioned Goulash (Hungarian-style beef stew).

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Ingredients
Beef: 2 lbs (900g) beef chuck roast, cut into 1-inch (2.5 cm) cubes
Onions: 3 large yellow onions, finely chopped (traditional goulash uses an equal volume of onions to meat to create a thick, rich broth)
Fat: 2 tablespoons lard, bacon fat, or vegetable oil
Paprika: 3 tablespoons authentic sweet Hungarian paprika
Garlic: 3 cloves, minced
Caraway: 1 teaspoon caraway seeds, lightly crushed
Liquids: 4 cups beef broth, 1 cup water
Vegetables: 2 medium carrots (sliced into coins), 2 medium potatoes (peeled and diced into 1-inch cubes), 1 yellow bell pepper (chopped)
Pantry: 1 tablespoon tomato paste, 1 bay leaf, salt and black pepper to taste
Step-by-Step Instructions
1. Sear the Beef: Heat 1 tablespoon of fat in a heavy Dutch oven over medium-high heat. Season the beef cubes with salt and pepper. Working in batches, brown the beef on all sides (about 5–7 minutes per batch). Transfer the browned beef to a plate and set aside.
2. Sauté the Onions: Reduce the heat to medium and add the remaining tablespoon of fat. Add the finely chopped onions and a pinch of salt. Cook slowly for 10–12 minutes, stirring often, until the onions are soft and deeply golden.
3. Bloom the Paprika: Turn off the heat completely or remove the pot from the burner for 1 minute. Stir in the 3 tablespoons of sweet Hungarian paprika, minced garlic, crushed caraway seeds, and tomato paste, mixing well with the onions. (Removing the pot from heat prevents the paprika from burning and becoming bitter.)
4. Simmer the Stew: Return the pot to medium-low heat. Add the browned beef and any accumulated juices back into the pot. Pour in the 4 cups of beef broth, 1 cup of water, and add the bay leaf. Bring to a gentle boil, then turn the heat down to low, cover with a lid, and simmer for 1.5 hours, stirring occasionally until the beef is tender.
5. Add the Vegetables: Stir in the sliced carrots, diced potatoes, and chopped bell pepper. Cover and cook for another 25–30 minutes on low heat until the potatoes and carrots are tender and the gravy has thickened naturally from the potato starches.
6. Finish and Serve: Remove the bay leaf. Taste the broth and adjust the seasoning with salt and pepper. Ladle hot into bowls and serve with crusty bread, nokedli (Hungarian egg dumplings), or egg noodles.