Liverpool legend Jamie Carragher believes Arsenal are 'a fantastic example' to the rest of the Premier League.
The 33-year-old withdrew injured following a head clash with team-mate John Flanagan as the Reds cancelled out Arsenal's injury-time penalty with one of their own in a 1-1 draw on Sunday.
The result severely dented Arsenal's title challenge, with the Gunners six points behind leaders Manchester United with as many games remaining.
Arsenal boss Arsene Wenger has been singled out for criticism as it looks as though his side will remain without a trophy since 2005, but Carragher feels the club deserve more respect for their business.
"You look at the money [Manchester] City have spent and Arsenal are still the main challengers to Manchester United," the former England defender said.
"Chelsea won the Double last season, and again Arsenal are still the biggest challengers.
"The criticism Arsenal have been getting over the past few years for not winning anything is a bit harsh - you forget the money these other teams have spent compared to Arsenal.
"Arsenal are a magnificent club and the way they go about things, promoting young players, they are a fantastic example to everyone."
Liverpool have been promoting young players themselves, with Jay Spearing and Flanagan earning starting roles of late under interim boss Kenny Dalglish.
Also, 17-year-old Jack Robinson and England Under-19 midfielder Jonjo Shelvey appeared from the bench at the Emirates, to the delight of veteran Carragher.
"Having all these young players is great testament to them and the work done down at the Academy as well as the manager for giving them a chance," he said.
"To achieve what we have in the past two games with all the injuries and having to play the young lads bodes really well for the future this season and next.
"Over the past few years our academy has had a bit of criticism, but if you look at the last 15 or 20 years, there can't be many clubs who have produced more quality players than Liverpool."
"It is great to have them in the side, and it also saves the club money."
Meanwhile, Carragher has not ruled out overhauling Tottenham to finish fifth, though the Reds are four points adrift in sixth place, having also played two games more.
The teams meet at Anfield on May 15th and he hopes they can maintain their good form after taking four points against City and Arsenal in their last two outings.
"There have been a few times where we thought we can catch Spurs, then a couple of times when we lose a game that we can't - now after these last two games we probably think we can," said Carragher.
"We have now got two homes games to come, but the best thing is not to worry about Tottenham and just worry about ourselves, then see at the end of the season where we come."
Carragher is enjoying Liverpool's new-look strike-force of Luis Suarez and Andy Carroll, but he admits the club are still not where they want to be.
He said: "We did fantastic business in January and I am sure they will be looking to do the same again in the summer because while we are on a good run and there is a feelgood factor about the place, we still all realise that being fifth, sixth or seventh is still not good enough for Liverpool."
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