Heat the olive oil in a large Dutch oven over medium heat. Add the beef chunks and brown them on all sides for even color and flavor.
Add the diced onion and minced garlic to the pot. Cook for a few minutes until the onion softens.
Stir in the tomato paste, then add the sliced carrots, sliced parsnips, and cubed potatoes. Mix everything together.
Pour in the beef broth and add the dried thyme and bay leaves. Season with salt and pepper.
Bring the mixture to a gentle boil, then reduce the heat to low. Cover and simmer for about two hours, stirring occasionally, until the beef is tender and the vegetables are soft.