Season the beef stew meat with salt and pepper, then dredge the meat evenly in all-purpose flour.
Heat olive oil in a large pot or Dutch oven over medium-high heat. Brown the floured beef on all sides in batches, then remove from the pot and set aside.
Add the chopped onion to the pot and cook until softened, about 5 minutes.
Return the browned beef to the pot. Add beef broth, , Stir in the sliced carrots, sliced celery, and diced potatoes. Bring the stew back to a boil, then reduce the heat, cover, and continue to simmer for 30 to 40 minutes, or until the vegetables are tender.
Cover the pot, and let it simmer for 1 hour and 30 minutes.
In a separate small bowl, combine the cornstarch and water to create a slurry. Slowly stir this slurry into the simmering stew. Bring the stew to a boil again and cook for 1 to 2 minutes, or until it has thickened to your desired consistency.
Serve the beef stew hot.
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