Cut the beef into bite-size cubes. Peel and chop the onion into small cubes. Peel and finely chop the garlic.
Heat the lard in a large saucepan. Add the onion and garlic, and cook until golden. Stir in the paprika and cook until fragrant.
Add the beef, caraway and broth to the saucepan, and season with salt and pepper to taste. Bring to a boil, cover halfway with a lid and simmer until the beef is tender, about 1 1/2 hours. Serve the goulash with boiled potatoes if desired.