"I Was Right and You Were Wrong" is the first single from Deacon Blue's first greatest hits album Our Town - The Greatest Hits. Produced by Steve Osborne, the song is a menacing, shimmery, techno track. It reached number 32 in the UK Singles Chart.
The first B-side is the danceable alternative rock track "Mexico Rain", produced by Osborne and Paul Oakenfold. The other new B-side is a live cover of Dusty Springfield's "Goin' Back". Though labeled simply as "Wages Day", the fourth track on the CD single is an acoustic piano version of the song.
As with the previous two single releases, a special edition CD single with three tracks from the Riches bonus album was issued, entitled "Riches Collection". In addition to "I Was Right and You Were Wrong", it contains three tracks from Riches. This was the last "Riches Collection" release, leaving two tracks from Riches, the cover of "Angeliou" and the Bob Clearmountain remix of "Dignity", excluded from this collection.