Set a large 6-8 quart sauce pot over medium heat. Add the oil, chopped onions, and garlic. Sauté for 2-3 minutes to soften. Stir in the paprika and beef chunks. Brown the meat for 5 minutes, stirring to make sure not to burn the paprika.
Add in the bell peppers, carrots, bay leaves, caraway seeds, tomatoes, broth, and 1 teaspoon salt. Stir well. Cover. Then simmer for 60 minutes, stirring occasionally.
Mix in the chopped potatoes. Cover and simmer again for 30 minutes, or until the potatoes are fork-tender.
Then stir in the parsley. Taste, and salt and pepper as needed. Serve warm.
If you don't have Hungarian paprika, feel free to substitute for another smoky or sweet paprika that's available. Just be sure not to use spicy hot paprika!