In a small bowl, combine the flour, salt, pepper, garlic powder, and paprika.
Coat each beef piece in the mixture until all pieces are covered.
Heat the butter and olive oil in a dutch oven over medium/high heat.
Add in the beef and cook until each side is browned, about 5 minutes. *Doesn't need to be fully cooked at this point.
Remove beef from dutch oven and add in the carrots, onion, and garlic.
Once sauteed for a few minutes, add in the potatoes, beef broth, tomato paste, Worcestershire sauce, rosemary, and bay leaf.
Add in the beef.
Stir to combine everything and continue cooking over medium/high heat until boiling.
Reuce heat to low and cover pot with lid.
Allow mixture to simmer for about 1 1/2 hours, stirring every so often.
About 10 minutes prior to stew being completed, remove the bay leaf and combine the cornstarch and water in a small bowl.
Stir mixture into stew and keep lid off.
Once stew has thickened, about 5 minutes later, serve in bowls and enjoy!