MIT just built a prototype of this, from what little I understand

This reads like a mish-mash of various science fiction sources I can't quite pinpoint (except WALL-E in the end, maybe).

Anyway, that's probably how it would go, but I'd like to think of the better vision for the future where such a machine would instead result in a post-scarcity world where one of the few actual jobs is designing the stuff the machine creates (of course excluding all the jobs that can actually be automated once the economy changes so drastically).