In a bowl, mix flour, salt, and pepper. Coat beef with 2 tablespoons of the flour mixture. Set remaining mixture aside.

In a stock pot or dutch oven over medium heat, add oil. Place roast in pot and brown on all sides, approximately 3 minutes per side. Remove roast and set aside.

Add broth, tomato paste, and thyme to pot. Whisk in reserved flour mixture. Bring to a boil. Reduce heat, add back roast, cover, and simmer for 2 hours.

Stir liquid in pot, add potatoes, carrots, and onions to pot, and bring to a boil. Reduce heat. Cover, and simmer 45 minutes to 1 hour until roast and vegetables are fork tender.

Carve roast into slices or chunks and serve with vegetables and gravy.