The 23-year-old became the most expensive British player in history with his move from Newcastle in January 2011, but the Scouse defender suggests he should not be judged as a £35million player.
It goes without saying, Carragher knows Liverpool have overpaid for the big striker, but he also insists, that was not the player's fault.
Carroll scored the goal which put Liverpool into their second final of the season by heading home four minutes from time in the FA Cup semi-final with Everton at Wembley on Saturday.
He maintained the record of Liverpool winning every time he has scored, albeit only in nine matches.
Jamie Carragher: "It was a massive goal for Andy.
"The fee was nothing to do with him and he can do nothing about that, but he is a young lad finding his feet at Liverpool.
"You forget how young the lad is and before he came to us he had only played six months in the Premier League."
Gerrard also sprang to the defence of Carroll after the game, insisting criticism of the 23-year-old was unjustified.
"Andy has proved on the big stage what he is capable of and he has proved all his critics wrong.
"He was superb for us in the semi-final and has been every time he has been called upon. I am sure he will deliver for us in the final if he is called upon again."