It may be both/and. Christ is called the "elect" in 1 Peter 2, that is, the "chosen" corner stone. The Greek word is the same (ἐκλεκτός - eklektos, which becomes "elect" in English when the prefix, the preposition ἐκ, loses its kappa). When used of Christ in Peter, it is normally translated as "chosen" instead of elect, at least in the newer versions. Either way, the Greek word, and both English translations, are applied to Christ and his people. In Peter, the imagery is of Christ the chosen/elect cornerstone upon whom His people are added as stones to build God's house.
I can also think of at least one Old Testament messianic prophecy which uses this language with regard to the Savior:
Quote:
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Originally Posted by Isaiah 42 Behold my servant, whom I uphold; mine elect, in whom my soul delighteth; I have put my spirit upon him: he shall bring forth judgment to the Gentiles. He shall not cry, nor lift up, nor cause his voice to be heard in the street. A bruised reed shall he not break, and the smoking flax shall he not quench: he shall bring forth judgment unto truth. He shall not fail nor be discouraged, till he have set judgment in the earth: and the isles shall wait for his law. |
It's translated "chosen" in the newer translations.
(note: "chosen" is basically the same as "elect" but has a Germanic rather than Latin/Greek origin)