We develop a mean-field theory of the dynamics of a nonequilibrium Bose-Einstein condensate of exciton polaritons in a semiconductor microcavity. The spectrum of elementary excitations around the stationary state is analytically studied by means of a generalized Gross-Pitaevskii equation. A diffusive behavior of the Goldstone mode is found in the spatially homogeneous case and new features are predicted for the Josephson effect in a two-well geometry.