The Reds twice came from behind at the Emirates Stadium, with Virgil van Dijk and Mohamed Salah scoring equalisers after goals from Bukayo Saka and Mikel Merino.
Liverpool had 55 per cent of the possession, while each side registered nine shots.
But Carragher felt that his former team should have been more creative.
‘I must say I was disappointed with Liverpool,’ Carragher said on Sky Sports.
When you think of the problems that Arsenal had, not just before the game but more in the game, the changes that they had to make, the makeshift back four at the end with the young kid [Myles Lewis-Skelly] coming on at left back, I actually expected them to create a lot more in the second half.’
Arsenal went into Sunday’s game without injured captain Martin Odegaard, while star centre back William Saliba was serving a one-match suspension following his red card against Bournemouth last weekend.
The Gunners then lost their other first-choice central defender in the 54th minute on Sunday when Gabriel Magalhaes was taken off with an injury.
Left back Jurrien Timber also went off when he was replaced by Lewis-Skelly on 76 minutes.
Despite Arsenal’s injury issues, manager Mikel Arteta was adamant that his team should have taken all three points.
Speaking to BBC Match of the Day, Arteta said: ‘Really disappointing not to win it because when you look at the chances, we should have won the game.
‘The team played so well, we were dominant and very determined. Really aggressive and played in the right areas to create some big chances. We are open in transition for the second goal. Against this team, you cannot do that if you want to win the game.
‘It is what it is at the moment. The backline is completely different to what we’re used to. We should have won the game.’
Sunday’s result left Liverpool second in the table, one point below leaders Manchester City.
Arsenal are third, sitting four points behind Liverpool.
